Alibaba To Establish $129M Hong Kong Young Entrepreneurs Foundation

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Chinese e-commerce giant Alibaba Group Holdings plans to set up a non-profit Hong Kong Young Entrepreneurs Foundation that aims to raise HK$1 billion (US$129 million) in total capital to boost entrepreneurship among young people in Hong Kong, according to Alizila, Alibaba’s affiliate news website.

The Alibaba Hong Kong Young Entrepreneurs Foundation will provide financial and technical support to local young entrepreneurs to sell their products to the Mainland China via Alibaba’s shopping website Taobao.com and Tmall.com.

China Money Network

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