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China’s Alibaba to lead fund for Greater Bay Area via startup fund

The Alibaba Group logo can be seen in its Beijing, China office on January 5, 2021. REUTERS / Thomas Peter

SHANGHAI, Jul 13 (Reuters) – Chinese e-commerce giant Alibaba Group Holding Ltd (9988.HK) will anchor a fund for startups in China’s Greater Bay Area, the company announced Tuesday through its Alibaba Entrepreneur Fund.

The fund will have a target size of HK $ 2 billion ($ 258 million) and is expected to close in the second half of 2022, the company added.

($ 1 = 7.7657 Hong Kong dollars)

(This story corrects the value in paragraph 2)

Reporting by Josh Horwitz; Adaptation by Himani Sarkar and Louise Heavens

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