Jack Ma, founder of e-commerce giant Alibaba, has announced a HKD1 billion donation to the establishment of the Alibaba Hong Kong Young Entrepreneurs Foundation.
While this may seem like an entirely selfless act, the foundation could actually benefit Alibaba in more ways than one, as it could potentially bolster the company’s reputation within the city and contribute to the expansion of the associated Taobao marketplace.
Taobao is currently in the process of hiring hundreds of anti-counterfeit specialists after China’s State Administration for Industry and Commerce (SAIC) released a report accusing Alibaba of failing to quell the sale of fake and counterfeit items on the platform.
Ma hopes the creation of the foundation will help soothe some of the economic frustrations of Hong Kong’s younger generation. Such issues, and concerns about universal suffrage, were vented in the Occupy Central protests last year.
Ma promises that the scheme will provide financial capital, technical assistance, and training to eligible vendors in Hong Kong who want to sell products to costumers in the mainland.
In a press release, Ma said, “We hope to create life-changing opportunities to build thriving businesses that will serve as a bridge between Hong Kong and mainland.”
The announcement of this new foundation comes off the heels of Alibaba’s affiliate ANT Financial donating USD80 million (HKD620 million) to programmes for female entrepreneurs.
Scheduled to launch in the second half of the year, Alibaba will also offer 200 internships every year in the company and related businesses to university graduates.
Words: Sidney Gourgel
