Tycoons, Insurance Firm Mull Web Financing, Sources Say

(Beijing) – Two Internet tycoons have joined hands with the country's leading insurance provider to explore web-based financing business, sources say.

The three parties are represented by Jack Ma, Ma Huateng and Ma Mingzhe. They just established a joint-venture company in Shanghai, a source close to the situation said.

Jack Ma is the founder and chairman of e-commerce conglomerate Alibaba Group. Ma Huateng founded and heads China's most popular social networking company, Tencent Holdings. Ma Mingzhe is the chairman of the second-largest life insurer, Ping An Insurance Group.