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Alibaba sets up HK$1b fund to help young Hong Kong entrepreneurs

Alibaba sets up HK$1b fund to help young Hong Kong entrepreneurs

February 1, 2015

From South China Morning Post, Monday 02, Feb, 2015

The controversy-hit Alibaba Group announced yesterday it would set up a HK$1 billion fund to support young Hong Kong entrepreneurs to start and grow their businesses on its platforms - eventually bringing their products to the mainland market.

The e-commerce giant dismissed speculation that the move was an attempt to divert attention from its war of words with mainland regulators on suspected fake products on its online shopping platform - nor had it anything to do with the political climate in Hong Kong.

However, one political commentator believed it was a public relations move that would do little to defuse the grievances of young Hongkongers over political reform and social mobility.

News of the Hong Kong Young Entrepreneurs Foundation came ahead of today's speech by the group's executive chairman Jack Ma Yun on "transforming dreams into successful business" in Hong Kong.

The event is organised by Our Hong Kong Foundation - a think tank set up by former chief executive Tung Chee-hwa. Ma is one of its advisers.

"We hope to create life-changing opportunities so that Hong Kong's young people have an opportunity to build thriving businesses that will serve as a bridge between Hong Kong and mainland China," Ma said in a statement.

The foundation, expected to be launched later this year, will invest in companies started by young people after selection by a panel of investment managers and advisers who run the programme. The entrepreneurs would have access to capital and technical assistance as they develop their businesses.

But Alibaba said some of the profits generated from these venture investments would have to be returned to the foundation to support its long-term operation.

Alibaba's popular online shopping platform, Taobao, was last week accused by the State Administration for Industry and Commerce (SAIC) of selling counterfeit goods by allowing merchants without business licences to run unauthorised stores.

The ensuing public spat between Alibaba and the regulator later cooled, with Ma promising to combat fake products on its platform and the SAIC saying the white paper which sparked the row had no legal force.

Dr James Sung Lap-kung, a political scientist at City University, believed the HK$1 billion was worth spending since it could, among other things, support the policy of both the SAR and central government of helping young people start businesses. It also could improve the company's image in Hong Kong.

"Ma is a smart guy. He understands teenagers in Hong Kong and on the mainland have a lot of grievances as there is a lack of social mobility. And starting a business is one of the options," Sung said.

Alibaba also said the foundation would select 200 local university students each year to become interns at the company and other group businesses.

image source: http://www.cmoney.tw/notes/note-detail.aspx?nid=22713

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