China's Alibaba Group to invest $15.5b towards "common prosperity"

China's Alibaba Group to invest $15.5b towards "common prosperity"

Alibaba, Tencent and Taiwan Semiconductor Manufacturing Co. each joined the ranks of Asia's top 10 companies by quarterly net profit. (Nikkei montage/Photos by Reuters

China’s Alibaba Group will invest 100 billion yuan ($15.5 billion) by 2025 in support of “common prosperity”, it said, becoming the latest corporate giant to pledge support for the initiative driven by President Xi Jinping.