Jack Ma-Owned Zhejiang Finance Credit Network Technology To Buy Stake in Hundsun

Zhejiang Finance Credit Network Technology, a Jack Ma-owned company, has made a 3.3 billion yuan (US$532 million) deal for a more than 20 percent stake in Chinese financial-software developer Hundsun.

Ma is also the executive chairman of Alibaba Group Holding Ltd, the Chinese e-retail giant.

Mr. Ma’s latest acquisition comes as Alibaba has been rapidly expanding within China and abroad. Since the beginning of 2014, Alibaba taken a 25 percent stake in Chinese department store operator Intime and made a $125 million investment in Silicon Valley voice-call and messaging start-up TangoMe.

The acquisition of Hundsun may also help repair Alibaba’s relationship with China’s banking sector. Relations have been strained as Alibaba has pushed more aggressively into payments and financial services in recent months.

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