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Alibaba buys into CICC

Hangzhou-based Alibaba said it has bought a 4.84 percent stake in Beijing-headquartered investment bank China International Capital Corp. 
Alibaba buys into CICC

Alibaba said it has bought a 4.84 percent stake in Beijing-headquartered investment bank China International Capital Corp. 

Alibaba said late on Tuesday it now holds 11.74 percent of CICC's H shares, but did not detail the value.

The investment would allow both parties to leverage expertise in finance, technology and data to provide innovative services and products to clients. 

CICC shares edged up 2.55 percent on Hong Kong Stock Exchange on Tuesday.

In 2017, Alibaba's rival Tencent also purchased 4.95 percent of CICC through its wholly-owned subsidiary Tencent Mobility. 

The Shenzhen-headquartered Internet giant spent HK$2.86 billion (US$493 million) on the deal.

State-backed investment arm Central Huijin Investment Co is CICC's biggest shareholder and Tencent is the second largest, according to a CICC exchange filing in January. 



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