Hong Kong, February 1, 2015 － Alibaba Group Holding Limited (NYSE: BABA) announced today the establishment of a HK$1 billion not-for-profit Alibaba Hong Kong Young Entrepreneurs Foundation (the Foundation) to support the career and entrepreneurial aspirations of young people in Hong Kong.
This is the first entrepreneur-support initiative launched by Alibaba Group that is dedicated exclusively to Hong Kong.
The core mission of the Foundation is to help Hong Kong young entrepreneurs start and grow businesses on marketplaces and platforms in the Alibaba ecosystem, offering products and services from Hong Kong to the mainland China market. Through the Foundation, Hong Kong entrepreneurs will have access to financial capital, technical assistance and training so they can realize their dreams and visions. Alibaba hopes that the resources provided by the Foundation will help unleash Hong Kong's potential for innovation and entrepreneurship.
The Foundation will invest in businesses started by young Hong Kong entrepreneurs. The selection and funding process will be managed by a team of professional investment managers and operating advisors who will work closely with these young entrepreneurs in their companies' early stages, sharing insights and providing the necessary expertise to build their businesses. Profits generated from these venture investments will be returned to the Foundation for re-investment, thus ensuring an evergreen funding source for the Foundation. The venture investment program is expected to launch in the second half of this year.
In addition, the Foundation will select 200 young people each year from Hong Kong universities to intern at Alibaba Group and other businesses within the Alibaba ecosystem. This will give an opportunity to university graduates to gain first-hand experience working in mainland China.
"With a mission 'to make it easy to do business anywhere', Alibaba is passionate about fostering entrepreneurial spirits amongst young people," said Jack Ma, Executive Chairman of Alibaba Group. "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."
About Alibaba Group
Alibaba Group's mission is to make it easy to do business anywhere. The company is the largest online and mobile commerce company in the world in terms of gross merchandise volume. Founded in 1999, the company provides the fundamental technology infrastructure and marketing reach to help businesses leverage the power of the Internet to establish an online presence and conduct commerce with hundreds of millions of consumers and other businesses.
Alibaba Group's major businesses include: