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


FILE PHOTO: The logo of Alibaba Group is seen at its office in Beijing, China January 5, 2021. REUTERS/Thomas Peter

July 13, 2021

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

The fund will have a targeted size of HK$2.2 billion ($283.27 million) and is expected to close in the second half of 2022, the company added.

($1 = 7.7664 Hong Kong dollars)

(Reporting by Josh Horwitz; Editing by Himani Sarkar and Louise Heavens)

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