China’s Alibaba to lead Greater Bay Area fund via startup fund

(Correct value in paragraph 2)

SHANGHAI (Reuters) – Chinese e-commerce giant Alibaba Group Holding Ltd will set up a fund for startups in China’s Greater Bay area, the company announced on Tuesday through its Alibaba Entrepreneur Fund.

The fund will have a target 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)

(Reporting by Josh Horwitz; Editing by Himani Sarkar and Louise Heavens)