Alibaba boosts stake in investment bank CICC for $231m

SINGAPORE, Feb 19 (Reuters): China's e-commerce giant Alibaba Group Holding Ltd has raised its stake in top domestic investment bank China International Capital Corp's Hong Kong-listed shares to nearly 12 per cent, an exchange disclosure showed on Monday.

The internet giant bought 117 million CICC H-shares - as those listed in Hong Kong are known - at an average price of HK$15.50.

That indicates a total investment of HK$1.81 billion ($230.61 million), according to Reuters calculations based on the Hong Kong Exchange disclosure.

The investment means Alibaba is now the second-largest stakeholder of CICC's H-shares, with an 11.74 per cent stake.

Its arch-rival, social media giant Tencent Holdings, is the largest with a 12.01 per cent stake, a separate exchange disclosure shows.

China's powerful tech firms have expanded aggressively into the booming fintech sector by partnering with traditional financial institutions.

Counting two of China's strongest internet firms as its major investors gives CICC more access to their extensive user data and advanced technology as it explores new growth areas.