Purchase helps Ma grow in finance
Print Edition
ZHEJIANG Rongxin, a network technology company controlled by Jack Ma, executive chairman of China’s biggest e-commerce company Alibaba Group, will buy financial software firm Hundsun Technologies Inc, according to Hundsun’s filing with the Shanghai Stock Exchange yesterday.
Rongxin will pay 3.3 billion yuan (US$531 million) in cash for all the interest in Hundsun Technology Group, which owns 20.6 percent in its listed unit Hundsun Technologies Inc. Rongxin, 99 percent controlled by Ma, will become the biggest shareholder of the software firm after the transaction is completed.
Hundsun is a major IT system vendor for financial firms on China’s mainland. It provides core systems like trading, settlement and investment systems used by fund management firms. Half of the brokerages adopt its software, market watchers said.
“Rongxin currently provides services for back office support including administration support and risk management. In future, the company will focus on investment management business,” Hundsun said in the filing.
Rongxin denied earlier media reports the purchase will let Ma analyze financial firms’ trading behavior by mining data as he extends his mark into the finance sector.
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