18 April 2019

Alibaba taking stake in financial services firm, WSJ says

An affiliate of Alibaba Group Holding Ltd. will pay 1.18 billion yuan (US$192.7 million) to take a majority stake in its business partner Tianhong Asset Management Co. Ltd., as part of the Chinese e-commerce giant’s push into financial services, the Wall Street Journal reported Wednesday. The parent company of Alipay, Alibaba’s online payment service affiliate, will hold 51 percent of Tianhong, according to a filing with the Shanghai stock exchange on Wednesday by Tianhong shareholder Inner Mongolia Junzheng Energy & Chemical Industry Co. Ltd. (601216.CN), the report said. The Tianhong deal will enable Alipay to provide better products and services, Alipay was quoted as saying in a statement on its official Weibo microblog, adding that it will also promote all kinds of cooperation with other funds.

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