21 August 2019

Alibaba, Yunfeng Fund take 54.3% stake in CITIC 21CN, paper says

Chinese internet giant Alibaba Group Holding and Yunfeng Fund have pumped US$170 million into CITIC 21CN Co. Ltd. (00241.HK), a subsidiary of CITIC Group, Shanghai Securities News reported Friday, citing company announcements. Alibaba and Yunfeng, a private equity firm founded by Alibaba chairman Jack Ma, will hold a combined 54.3 percent stake in CITIC 21CN, an integrated information and content services provider. Alibaba will own 38.1 percent of the stock and Yunfeng 16.2 percent. The investment will help fund a pharmaceutical information business being developed by CITIC 21CN.

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