LPNEWS

Alibaba Pledges $15.5B To ‘common Prosperity’ Drive

by finance.yahoo.com posted 2months ago 29 views
(Bloomberg) -- Alibaba Group Holding Ltd. pledged 100 billion yuan ($15.5 billion) 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 Thursday. An Alibaba spokesperson confirmed the report, without elaborating. The company’s shares were little changed in New York trading.

In this article