The announcement follows the February 2015 introduction of a USD 129 million fund for Hong Kong startups, and comes on the same day that Taiwan ordered Alibaba to stop doing business in the country, mashable.com reports.
Alibaba began doing business in Taiwan in 2008 as a Singapore registered company. Taiwan didnt allow Chinese companies or subsidiaries of Chinese firms to enter the island until 2009. Despite such resistance, Alibaba chairman Jack Ma has said hes eager to help Taiwanese startups.
Alibaba went public in September 2014, raising USD 21.8 billion in the US IPO. The companys current market cap is USD 211 billion, which is larger than Amazons, though smaller than Walmarts.
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