SHANGHAI, Apr 5 (AFP): Jack Ma, the billionaire founder of Chinese e-commerce giant Alibaba, is to pay $531 million for a stake in a domestic software developer for the financial industry, a statement said.
Zhejiang Finance Credit Network Technology, which is owned by Ma, will take a 20.62 per cent stake in Shanghai-listed Hundsun Technologies, Hundsun said in a statement.
Ma stepped down as chief executive officer of Alibaba last year, but remained as chairman to provide strategic direction.
Alibaba, the world's largest online retailer, is expected to list on Wall Street later this year.
The deal would effectively make Ma the controlling shareholder of Hundsun, the statement said, adding China's commerce ministry must still grant regulatory approval.
Alibaba founder Jack Ma buys into Chinese software firm
FE Team | Published: April 06, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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