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Alibaba's Jack Ma invests $671m in financial software firm

Published on Apr 3, 2014 12:50 PM

BEIJING (REUTERS) - Jack Ma, the founder of China's Alibaba Group Holding Ltd, the world's biggest e-commerce firm, will pay 3.3 billion yuan (S$671 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 per cent stake in Hundsun Technologies, will sell 100 percent of its shares to Zhejiang Finance Credit Network Technology Co, a company 99 per cent owned by Mr Ma.

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

Mr 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".

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