Jack Ma-backed start-up fund steps up search for next biotech unicorn from Hong Kong

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Alibaba Hong Kong Entrepreneurs Fund, the US$131 million venture capital fund started by Jack Ma, plans to boost investments in Hong Kong’s biotech start-ups that could become the next unicorn, expanding its focus from fintech and artificial intelligence.

“We have come across a lot of good biotech technologies, the question is whether these are ground-breaking ones,” said Cindy Chow Lok Mei-ki, the not-for-profit fund’s executive director. “As biotech is not Alibaba’s core competence, we hope that we can identify some co-investment opportunities with experts in this field.”