Stake deal helps Alibaba to grow financial services
Print Edition
Alibaba Group, China’s largest e-commerce group, seeks to expand further its financial services after gaining a controlling stake in Tian Hong Asset Management Co.
Zhejiang Alibaba E-commerce Co, the parent company of Alipay and controlled by Alibaba Group founder Jack Ma, said it will pay 1.18 billion yuan (US$193 million) for 51 percent of Tian Hong Asset Management Co, according to a stock exchange filing by Tian Hong shareholder Inner Mongolia Junzheng Energy & Chemical Industry Co.
Inner Mongolia Junzheng surged by the daily limit of 10 percent to 10.99 yuan yesterday.
The latest deal “complements Alibaba’s finance strategy and lays a foundation for offering a wider range of financial products for consumers,” Internet consultant Analysys International said in a note yesterday.
In July, Alipay allied with Tian Hong to launch the Yu’E Bao mutual fund that is designed for Alipay users with no minimum investment requirement. The fund allows users to put their “pocket money” into a separate asset management account to earn interest before their next online purchase.
The fund has attracted 2.5 million subscribers with a total investment of 5.7 billion yuan by the end of June, according to Alipay.
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