Alibaba sets up fund for star­tups in HK

China Daily (Canada) - - FRONT PAGE -

Alibaba Group Hold­ing Ltd has es­tab­lished a HK$1 bil­lion ($129 mil­lion) fund to help Hong Kong en­trepreneurs set up star­tups on the com­pany’s e-com­merce plat­forms, in­clud­ing Taobao, through which they can sell their prod­ucts and ser­vices to main­land con­sumers.

Alibaba also said it will pro­vide in­tern­ship op­por­tu­ni­ties for 200 grad­u­ates in Hong Kong each year to work in the com­pany’s e-com­merce ecosys­tem.

The fund, ex­pected to be launched later this year, will in­vest in com­pa­nies started by young peo­ple af­ter se­lec­tion by a panel of in­vest­ment man­agers and ad­vis­ers who run the pro­gram. The en­trepreneurs would have ac­cess to cap­i­tal and tech­ni­cal as­sis­tance as they de­velop their busi­nesses.

PRO­VIDED TO CHINA DAILY

French street artist Julien Mal­land cre­ated about a dozen graf­fiti mu­rals on what was left of torn-down build­ings on Shang­hai’s Kangding Road last month as a nos­tal­gic de­pic­tion of parts of the city that are dis­ap­pear­ing. A de­mo­li­tion crew de­stroyed them within a week. The area’s de­vel­oper said the art­works were drawing large crowds to the danger­ous site.

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