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

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SHANGHAI (Reuters) -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$2.2 billion ($283.27 million) and is expected to close in the second half of 2022, the company added.

($1 = 7.7664 Hong Kong dollars)

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

Image Credit: Reuters

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Source: https://datafloq.com/read/chinas-alibaba-lead-fund-greater-bay-area-via-startup-fund/16293

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