Alibaba is poised to expand its footprint in the Chinese financial sector after Jack Ma, founder of the ecommerce group, paid Rmb3.3bn ($531m) for one of the country’s biggest software providers for securities companies.
The deal for Hundsun Technologies also helps prepare Alibaba for battle with China’s banks, which have grown increasingly wary of Mr Ma’s plans for financial ventures and have started to restrict their co-operation with the ecommerce group.
Zhejiang Finance Credit Network Technology, a company owned by Mr Ma, purchased Hundsun Group, which in turn owns 20.6 per cent of Hundsun Technologies, its listed entity.
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