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Alibaba’s Jack Ma invests $532 million in financial software firm


Jack Ma, the founder of Chinas Alibaba Group Holding Ltd, the worlds 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. Mas move underscores his desire to move into and reshape Chinas financial services sector, an area that Alibabas Joe Tsai, the man steering the companys highly anticipated U.S. listing, described as antiquated.

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