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Jack Ma invests $532m in financial software firm

(Agencies) Updated: 2014-04-03 14:00

Jack Ma invests $532m in financial software firm

Jack Ma, the chairman of China's largest e-commerce firm Alibaba Group, speaks during a conference in Hong Kong March 20, 2013. [Photo/Agencies]

Jack Ma invests $532m in financial software firm

Jack Ma invests $532m in financial software firm

Jack Ma, the founder of China's Alibaba Group Holding Ltd, the world's biggest e-commerce firm, will pay 3.3 billion yuan ($531.78 million) to take a controlling share of financial software firm, Hundsun Technologies Inc.

Hundsun Technologies said on Thursday that Hundsun Group, which owns a 20.6 percent stake in Hundsun Technologies, will sell 100 percent of its shares to Zhejiang Finance Credit Network Technology Co, a company 99 percent owned by Ma.

That will give Ma a controlling share of Hundsun Technologies, the company said in a statement to the Shanghai Stock Exchange.

Ma's move underscores his desire to move into and reshape China's financial services sector, an area that Alibaba's Joe Tsai, the man steering the company's highly anticipated US listing, described as "antiquated".

Chinese Internet companies like Alibaba, Tencent Holdings Ltd and Baidu Inc, are all setting up financial services arms, drawing the ire of China's entrenched banks and attracting increased scrutiny from regulators, who are now debating stricter regulation of the emerging online finance industry.

"The listed company and its shareholders will maintain independence in regards to its human resources, capital, finances, structure and operations," Hundsun Technologies said.

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