Alibaba Expands Financial Empire With Huatai Securities Purchase
E-commerce giant Alibaba has paid more than $500 million for a stake in a leading state-owned Chinese securities firm, getting a hold in a lucrative industry after its previous efforts were stymied by regulators.
Alibaba Group Holding Ltd. paid 3.5 billion yuan ($512.3 million) for shares in Huatai Securities Co. Ltd. issued through a private placement that raised more than 14.2 billion yuan to bolster the brokerage’s balance sheet and working capital, according to filings with the Shanghai and Hong Kong bourses late Friday. The internet behemoth, which holds a 3.25% stake in Huatai’s enlarged share capital, is now the brokerage’s fifth-largest shareholder.
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas