Chinese online auction website Taobao.com has announced that Taobao Open Platform will spend CNY10 million to support the winners of its TOP Application Competition.

Alibaba, the parent company of Taobao.com, is providing CNY5 million to the top three winners, while Taobao itself will offer CNY5 million to the remaining 27 developers who rank among the top 30.

Wu Qiangqiang, director of TOP, told local media that TOP is a long-term initiative and each year it will raise about CNY10 million to offer funds to excellent developers and help the release their invention and achievements to the market.

The CNY10 million fund comes from two sources: one is Alibaba and the other comes from Taobao's outside partners.