Alibaba Group Holding Ltd. has established a HK$1 billion fund to help young people in Hong Kong to start their own businesses, the Hong Kong Economic Journal reported Monday.
The Hong Kong Young Entrepreneurs Fund, which is non-profit in nature, will be managed by a team of professional investment managers and fund consultants, the report said.
Alibaba chairman Jack Ma was quoted as saying that the fund, which will begin operation in the second half of this year, will boost cross-border exchanges in addition to supporting young people in Hong Kong to realize their entrepreneurial ambitions.
Alibaba will assign staff to team up with select entrepreneurs in the early stage of their business. Returns on the investment will be reinvested by the fund.
About 200 top graduates from local universities will be selected each year to take part in internship programs at different units of the Alibaba group.
Kit-fai Ng, who founded the local social networking platform Zorpia and photo sharing application OurCam at the age of 31, welcomed the establishment of the fund, saying it will provide opportunities for young entrepreneurs to finance their projects.
Local youth will now be able to look beyond Silicon Valley as the top vehicle to realize their dreams, he said.
Translation by Vey Wong
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