Date
14 December 2017

New Hope sets sights on online finance, paper says

New Hope Group president Liu Yonghao confirmed the agribusiness is diversifying its ownership, with plans to expand into online finance, including mobile banking and money market funds similar to Alibaba’s Yu’E Bao fund, the Shanghai Securities News reported Monday. New Hope is the largest shareholder of China Minsheng Banking Corp., Ltd. (01988.HK, 600016.CN), and has reportedly entered into an agreement with Shanghai Lujiazui Development (Group) Co., Ltd. and Japan’s SBI Group to develop an online financial business in the Shanghai free trade zone, the report quoted unnamed sources as saying.

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