Alibaba has launched an Entrepreneur Fund to help businesses fuel their growth.
Alibaba has stepped forward for the business community. It proclaimed the formal launch of its Entrepreneurs Fund for the Chinese special administrative region, Hong Kong, with the goal to support the ambitions of businesspersons wishing to benefit from the resources delivered by the its ecosystem in financial services, mobile networks, logistics, cloud computation, and ecommerce.
Alibaba news exclaimed that the Hong Kong Entrepreneurs Fund is its nonprofit initiative. The objective of this fund is to let businesspeople realize their visions and dreams for the regions to not only become vibrant but also globally and regionally involved. The fund would make investments in qualifying corporations in growth, expansion, and startup phases of the corporate life cycle. Qualifying enterprises would employ the systems in Alibaba’s ecosystem to provide services and gadgets to China and the world.
Alibaba wholesale informed that HK$1 billion has been allocated for the fund. Various accomplished community and business leaders would serve as directors of the fund’s board, including Asia Financial Group and Asia Insurance’s president Bernard Chan, Alibaba’s former president and COO Savio Kwan, and chairman and founder of Lan Kwai Fong Group, Dr. Allan Zeman.
Ms. Cindy Chow would be serving as the Fund’s executive director. Chow joined the online trading company eight years ago and has served in the planning and financial control capacity, most lately as senior director of international finance.
Alibaba news today affirmed that the executive vice chairman, Joe Tsai, stated, “At Alibaba our mission is to make it easy to do business anywhere. We are passionate about fostering entrepreneurial spirit and hope the resources provided by the Fund will help unleash potential for innovation and entrepreneurship in Hong Kong. I am delighted to have the support from the Fund’s directors who share our vision and passion. Together we will help aspiring entrepreneurs realize their dreams.”
The Entrepreneur Fund would involve independent professional organizations who would be held responsible for managing the investment program. The fund has chosen its first investment manager Gobi Partners to carry out the management of a part of the investment project and anticipates to select further investment managers for the residual parts of the venture.
Alibaba Breaking News reported that Gobi Partners was developed over a decade ago, concentrating on local innovation that had emerged from IT, TMT convergence, and the transformation of digital media in the most populated country. Gobi is known for managing six funds with a number of offices across the Asian continent. For a time span of more than 10 years, he made investments in 100 innovative corporations in Southeast Asia and the second largest economy.
The fund would also be providing 200 internships yearly for final year and graduate students of the local tertiary education institutes to serve for a year at Alibaba Group or organizations in its ecosystem in China.
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