This article was originally published on February 11, 2015, at 11:08 pm.
- Alibaba Group’s (BABA) Ant Financial Services Corp has reportedly acquired a 30% stake in Tebon Fund Management Co., according to Hexun.
- Ant Financial Services Corp has declined to comment.
Why It Matters:
- Hexun suggests that Ant Financial Services Corp might increase its stake in Tebon Fund Management Co. to 60% in the future and could possibly transfer the asset management of its Yuebao product from Tianhong Asset Management to Tebon Fund Managment in the process.
- Assets under Yuebao management reached RMB 579 billion at the end of 2014. Alibaba planned to take a controlling interest in Tianhong Asset Management, but this plan has been held up by Tianhong’s current largest shareholder, Inner Mongolia Junzheng Energy & Chemical (CH: 601216).
- Earlier this week, local media reported that Ant Financial Services Corp was close to finalizing the raising of funds with a valuation of US$ 30 billion.