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Alibaba to back $257m 'Greater Bay' venture fund

Investments aimed at boosting entrepreneurship in South China megalopolis

HONG KONG -- Chinese e-commerce giant Alibaba announced on Tuesday that it will throw its weight behind a HK$2 billion ($257 million) venture fund to invest in startups in the Greater Bay Area, the urban swath of Southern China that Beijing wants to turn into the country's growth driver.

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