Alibaba to Buy Fund Management Company

(Beijing) – E-commerce company Alibaba is set to take a controlling stake in Tianhong Asset Management, expanding ties on their co-developed blockbuster investment service.

Alibaba has reached a deal with three of Tianhong's original shareholders to buy 51 percent of the asset management company for 1.18 billion yuan, according to the announcement of Inner Mongolia Junzheng Energy and Chemical Industry Co., Ltd., a heating devices manufacturer, which holds 36 percent of Tianhong.