Date
11 December 2017

Alibaba deal to vault Tianhong Asset into top league, paper says

Alibaba Group is said to have agreed on 51 percent stake purchase in Tianhong Asset Management Co. Ltd., in a deal that will expand the registered capital of the fund company to 514 million yuan (US$83.66 million), the 21st Century Business Herald reported Wednesday. If approved by the China Securities Regulatory Commission, Tianhong will end up having the largest registered capital among all domestic fund firms, and will also be the first such company to be under the control of an e-commerce group, the report said.

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