.jpg){kind=avatar}
.jpg){kind=avatar}
Ant Financial, the financial services arm of Alibaba, is adding another leg to its pre-IPO stool by reportedly planning to acquire a 30% stake in Shanghai-based Chinese asset management firm, Tebon Fund Management Co., Ltd.
Ant Financial has the right to increase its stake to 60% at a future date, but the transaction is still under discussion and may fall apart. Founded in 2012, Debon has RMB4.6 billion (US$737 million) under management at the end of 2014. It provides equity, debt, currency and mixed-assets mutual funds to individual and corporate clients.
More posts by Gareth Jones
