Alibaba Asks Gov't Arbitrator to Help It Finish Deal for Tianhong

(Beijing) – E-commerce giant Alibaba Group has sought government arbitration to help it complete the purchase of a controlling stake in Tianhong Asset Management Co., its partner in offering the popular online investment product Yu E Bao.

Ant Financial Services Group said in an email to Caixin that it applied to the China International Economic and Trade Arbitration Commission on December 10 to have it ask Inner Mongolia Junzheng Energy and Chemical Industry Co. to complete shareholding changes at Tianhong.