Alibaba Group Holding Limited (NYSE: BABA) is to intention to set up a not-for-profit fund to support entrepreneurs from Taiwan.
The New Taiwan Dollar 10 billion (approx. US$316m) fund will be used to support the growth of Taiwa-based, entrepreneur-run marketplaces and platforms in the Alibaba ecosystem, enabling them to offer products and services in the Greater China region.
The Fund, which will be managed by professional investment managers, will re-invest profits generated from investments, ensuring an evergreen funding source.
Subject to regulatory requirements and the authority’s approval, the program is expected to launch in the second half of this year.