Technology

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

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The logo of Alibaba Group is seen at its office in Beijing, China January 5, 2021. REUTERS/Thomas Peter

SHANGHAI, July 13 (Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd (9988.HK) 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)

(This story corrects value in paragraph 2)

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

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