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

China's Alibaba to lead fund for startups in Greater Bay Area
China's Alibaba to lead fund for startups in Greater Bay Area   -   Copyright  Thomson Reuters 2021
By Reuters

(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)