Alibaba Group Holding, which is awaiting regulatory approval for a $45 million fund it is participating in, has promised the Taiwanese government it will not take board seats at local firms the fund invests in, a source with direct knowledge of the matter said. The deal has yet to be approved by Taiwan's Investment Commission despite an application three months ago, raising concern that the fund may be rejected amid a chill in political relations with China. It follows a $300 million Taiwan Entrepreneur Fund that Alibaba founder Jack Ma announced in 2015 but while the start-ups that the fund has invested in so far are based in Taiwan, they are not incorporated in Taiwan.
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