Regions

Alibaba Group founder Jack Ma invests CNY3.3 billion in financial software firm

April 3
8:01 AM 2014

Alibaba Group Holding’s Jack Ma would pay CNY3.3 billion for a controlling stake in Hundsun Technologies Inc. According to a Reuters report, Alibaba’s founder has been interested to partake in the financial software firm after it announced selling 100 percent of the stake it owns.

On Thursday, Hundsun Technologies said it would sell 20.6 percent of its stake in Hundsun Group. The sale was offered to Zhejiang Finance Credit Network Technology Co. which is majority owned by Ma.

In a statement to the Shanghai bourse, the company said the sale would allow Ma to have a controlling stake in Hundsun Technologies.

That will give Ma a controlling share of Hundsun Technologies, the company said in a statement to the Shanghai Stock Exchange. However, the move was described by Alibaba’s Joe Tsai to be out of the date.

According to Hundsun Technologies, "The listed company and its shareholders will maintain independence in regards to its human resources, capital, finances, structure and operations.”

© 2022 VCPOST, All rights reserved. Do not reproduce without permission.
Tags
Share

Comments

Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics