KUALA LUMPUR (Dec 10): Sunway iLabs, the innovation lab and corporate venture capital arm of Sunway Bhd (KL:SUNWAY), is partnering with the Alibaba Entrepreneurs Fund (AEF)–NextGen Fund to gain access to high-potential artificial intelligence (AI) solutions emerging from Hong Kong and China's Greater Bay Area (GBA). 

Sunway said the partnership is also positioning its ecosystem as a testbed for real-world applications and potential deployment across its 13 business units in healthcare, education, retail and construction.

"Working with AEF-NextGen Fund reinforces our long-term ambition to drive innovation and sustainable growth, combining Malaysia’s diverse environment for scaling with Alibaba’s deep technical expertise and research network to help the next generation of innovators to bring impactful solutions to market," Sunway chief innovation officer and chief executive officer of Sunway iLabs Matt van Leeuwen said in a statement on Wednesday. 

AEF, which marks its 10th anniversary this year, has expanded its portfolio from six Hong Kong companies in 2016 to 84 startup projects globally, with total investments rising to US$94 million (RM387.37 million).

"Our partnership with Sunway iLabs underscores AEF-NextGen Fund’s mission to serve as a bridge for AI startups from Hong Kong and Greater China to expand into Malaysia and the broader Southeast Asia region," AEF chief executive officer Cindy Chow said.  

"By leveraging our deep roots within the global Alibaba ecosystem, we see tremendous potential to unlock mutual value as we work together to drive the development and adoption of AI and its applications across industries," she added. 

Sunway said the collaboration also supports talent development and research linkages between Sunway University and institutions such as Damo Academy and Hong Kong universities, while enabling market-entry pathways for AI startups from Hong Kong and the GBA into Malaysia and Southeast Asia.

"This two-way collaboration strengthens market expansion for startups from both regions while supporting joint R&D efforts and technology transfer across borders," the group added. 

For the nine months of FY2025 (9MFY2025), Sunway reported a net profit of RM801.64 million, down 2.1% from RM818.78 million a year before, despite revenue for 9MFY2025 jumping 49.1% to RM7.49 billion from RM5.03 billion during the same period last year.

As at 3.25pm on Wednesday, Sunway’s shares were trading up four sen or 0.72% at RM5.61, valuing the conglomerate at RM38.18 billion. The stock has risen over 18% year to date.