Alibaba founder Jack Ma buys into China software firm for US$531 mil.
April 5, 2014, 12:09 am TWN
SHANGHAI--Jack Ma, the billionaire founder of Chinese e-commerce giant Alibaba, is to pay US$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 percent 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.