China’s Alibaba mulling 10 ‘creative’ start-ups in Hong Kong for HK$1 billion investment fund

E-commerce giant Alibaba has shortlisted more than 10 Hong Kong start-ups to receive investment from its HK$1 billion fund for entrepreneurs in the city.

Cindy Chow, executive director of the Alibaba Entrepreneurs Fund, said today that the company is in talks with young entrepreneurs who have applied for the programme, which was formally launched in November.

“We have actually shortlisted a couple of proposals and we are doing our due diligence and further contact with the entrepreneurs,” Chow said.

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“I will expect in about one to two months’ time we will give more updates to the public.”

The Hong Kong Entrepreneurs Fund was first flagged by Alibaba chairman Jack Ma last February as a means for local young people to access capital and build their businesses on the Chinese mainland through the internet giant’s platforms.

Shanghai-based venture capital firm Gobi Partners was announced as the fund’s first investment manager in November.