(Bloomberg) Alibaba Group Holdings Ltd. will donate 100 billion yuan or $15.5 billion over five years in support of Beijing’s wealth redistribution.
Alibaba’s donation will go into ten initiatives ranging from technology investment and small business support.
Other large Chinese entities have pledged to support similar initiatives, with e-commerce giant Pinduoduo Inc. pledging $1.5 billion to support farmers.
The move by China’s major companies comes amid intensified scrutiny by Beijing, with Tencent and Alibaba being fined $2.8 billion for abusing market dominance.
9988: HKG is up 3.51%
