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June 24, 2017

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Alibaba founder Jack Ma buys into China software firm for US$531 mil.

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.

 

 

 

 

 

 

 

 

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