Alibaba Group has received more than 100 applications for its HK$1 billion (US$129.4 million) Hong Kong Entrepreneurs Fund.
The fund is reviewing the applications and expects to release further details in two months, the Hong Kong Economic Journal reports, citing executive director Cindy Chow.
However, Chow did not say when the results of the applications will be announced. The applicants are from 10 industries.
The fund provides startup financing in exchange for a 20-30 percent stake.
Applicants must be majority owned by permanent residents, have physical operations and participate in at least one of Alibaba’s e-commerce platforms.
Meanwhile, Alibaba will offer 200 apprenticeships a year for graduates of Hong Kong universities starting this summer.
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