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Alibaba founder Jack Ma buys into Chinese software firm Hundsun Technologies

Published on Apr 4, 2014 4:40 PM

SHANGHAI (AFP) - Jack Ma, the billionaire founder of Chinese e-commerce giant Alibaba, is to pay US$531 million (S$671) for a stake in a domestic software developer for the financial industry, a statement said.

Zhejiang Finance Credit Network Technology, which is owned by Mr Ma, will take a 20.62 per cent stake in Shanghai-listed Hundsun Technologies, the latter said in a statement.

Mr 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.

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