China's Alibaba to lead fund for Greater Bay Area via startup fund

(Correct value in paragraph 2)

SHANGHAI -Chinese e-commerce giant Alibaba Group Holding Ltd will anchor a fund for startups in China's Greater Bay Area, the company announced on Tuesday via its Alibaba Entrepreneur Fund.

The fund will have a targeted size of HK$2 billion ($258 million) and is expected to close in the second half of 2022, the company added.

($1 = 7.7657 Hong Kong dollars)