The Hangzhou based organization has acquired the stake to dominate the financial data industry
Alibaba’s Financial affiliate has purchased a 20% share in the Chinese hedge fund data tracking company Shanghai Suntime Information Technology Company, revealed people aware of the issue.
Zhejiang Ant Small & Micro Financial Services Group also known as Ant Financial paid cash worth $38 million (250 million yuan) for the share previously this week, stated the person, who asked to be kept anonymous. With the acquisition of the stake, the Chinese e-commerce company’s financial affiliate, turns into the biggest Shanghai Suntime owner after Liao Bing, who is the chairman of the data service provider, revealed a person.
Founder and Executive Chairman of Alibaba Jack Ma controls Ant Financial. He has been developing his financial and media Information Empire. The financial partner, which is the controller of the organization that does management of the biggest money-market fund of China Yu’E Bao is negotiating to make an investment in the China based business magazine publisher Caixin Media Company.
The online retailer purchased Hong Kong based publication South China Morning Post(SCMP) and in 2015 also established a joint project with the Chinese media organization Shanghai Media Group to establish a financial information and data service. With the recent acquisition, the financial affiliate is exploiting the potential of the country’s rapidly-expanding hedge fund sector as more rich Chinese people become private managers.
In 2003, Shanghai Suntime was founded by Liao. It runs a very huge database that tracks Chinese hedge funds, offers profit forecasts for registered organizations and provides wealth management services. The figure of private securities funds, which are equivalent of hedge funds in China have increased by over 140% to 18,297 on 31st May from 2015, and Assets under management( AUM) grew by two times to a sum of $340 billion during that time period, revealed Asset Management Association of China.
The web retailer’s financial affiliate, which is stated to have a valuation of around $60 billion after receiving $4.5 billion previously in 2015, has grown from an outside organization in a strictly controlled sector to an internet company currently collaborating with the biggest stated controlled entities sovereign wealth fund of China as well as with the country’s second biggest bank.
The organization also provides the Chinese largest online payment facility Alipay, with a user base of 450 million. In its emailed statement, Ant financial refused to comment. Phone calls to Bing’s office were not answered on a holiday in China.
In other news, Alibaba has released the first Indian first free application-lock with a feature face lock permitting users to crack their secured applications by taking a 1 second selfie. Alibaba claims that blink detection and face lock setting ensures accuracy of 99.7% for face identification. With the huge increase in smartphone users, India has turned into the biggest consumer base for safety applications across the globe.
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