Mkt Talk: Internet finance stocks surge to lead gainers over Alibaba's takeover
BEIJING, Oct 09, 2013 (Xinhua via COMTEX) --
The stocks of previous hot concept of
Internet finance opened higher and surged 6.51 percent on average to
lead gainers by 9:39 a.m. on Thursday spurred by Alibaba's takeover of
The online payment affiliate of dominant Chinese e-commerce company
Alibaba Group is to acquire a 51 percent stake in Tianhong Asset Mana
gement for RMB1.18 bln and is taking control of Tianhong Asset Managem
ent Co to accelerate its push into online financial services.
Alipay and Tianhong launched a new fund and payment platform - call
ed Yu E Bao, or "leftover treasure" in Chinese - in June to help Alipa
y customers convert spare cash into a money market fund holding.
Alibaba bought its Tianhong stake through a fundraising exercise th
at saw Tianhong's registered capital more than doubled to 514.3 millio
n yuan from 180 million yuan.
"In order to give investors in Yu E Bao more security, improve inn
ovation and provide more products and services, we have chosen to coop
erate with Tianhong Asset Management," Alipay said on its official Sin
a Weibo microblog. (Edited by Sang Xiyue, firstname.lastname@example.org)
[ Back To Technology News's Homepage ]