Ant Financial pays $32m for 60% of Shumi Fund

Nov 19, 2015 • Julie Ann Aelbrecht

Alibaba's financial services affiliate will own a 60.8% stake in finance information company Shumi, also backed by Hundsun, through the deal.

Ant Financial Services, the financial services affiliate of e-commerce group Alibaba, has invested RMB199m ($32m) in China-based financial information and services provider Shumi Fund, National Business Daily has reported.

Shumi Fund provides financial information to investors and fund managers. It is the owner of Fund123.com, an online financial data platform that targets individual investors in China.

Ant acquired a 60.8% stake in Shumi through subsidiaries Zhejing Ant Small and Micro Financial Services Group in the deal.

Alibaba founder Jack Ma…

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