Alibaba Group Holding Ltd. has expanded its ownership of China International Capital Corp., once known as China’s Goldman Sachs, paying HK$1.8 billion ($230 million) for 117.1 million Hong Kong-listed shares.

The transaction increased the e-commerce giant’s stake to 11.7% of the prestigious investment bank’s Hong Kong-listed shares from about 5%. The expanded ownership almost matches archrival Tencent Holdings Ltd.’s 12%. Overall, Alibaba now holds about 4.84% of CICC’s total issued shares on a fully diluted basis, an Alibaba representative said.

CICC is known for bringing some of China’s largest state-run enterprises to market. The financial house, however, has been reducing its dependence on volatile investment banking fees and expanding its business catering to rich individuals. In 2017, it completed a $2.5 billion purchase of China Investment Securities Co., plunging into the retail investor market.

Set up in 1995, CICC was part-owned by New York-based Morgan Stanley until 2010. Its shares were listed in Hong Kong in 2015.

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