Alibaba sets up fund for startups in HK
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.
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.