Alibaba pledges RM64.34bil to ‘common prosperity’ drive

Alibaba joins a growing number of its largest peers in promising to give back after accumulating vast wealth during a decade-long mobile Internet boom. — AP

Alibaba Group Holding Ltd pledged 100bil yuan (US$15.5bil or RM64.34bil) over five years toward Xi Jinping’s “common prosperity” vision, becoming the latest tech giant to bankroll China’s broad aim to share the wealth.

China’s second-largest company will spread the money between 10 initiatives encompassing technology investment and support for small companies, the government-backed Zhejiang Daily reported Sept 2. An Alibaba spokesperson confirmed the report, without elaborating. The company’s shares were little changed in New York trading.