Jack Ma, Alibaba founder and China's richest man, has donated 100 million yuan ($14.4 million) through his foundation to help find a vaccine for the Wuhan coronavirus.

The billionaire has earmarked 40 million yuan ($5.8 million) for two Chinese government research organizations, according to a social media post from the Jack Ma Foundation.

The remainder of the funds will be used to support "prevention and treatment" measures, the foundation said.

The donation follows an announcement on Saturday by Alibaba that it is setting up a 1 billion yuan ($144 million) fund to buy medical supplies for Wuhan and Hubei province, the epicenter of the virus outbreak.

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