Alibaba announced that it will launch a 1 billion HK$ not-for-profit foundation in order to support Hong Kong startups. According to the company this is its first entrepreneur-support initiative for Hong Kong.
The foundation will be managed by professional investment managers and all profits of Alibaba’s foundation will be re-invested into startups.
Additionally Alibaba will select 200 university students from Hong Kong each year for internships at Alibaba in mainland China. Overall this project should increase the opportunities to expand internet based business models to the Chinese market.
Just like Alibaba other Chinese companies have expressed interest in increasing their business actitivies in Hong Kong.