Alibaba to buy stake in CICC

Source: Xinhua | 2019-02-20

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

Alibaba said 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 the Hong Kong stock exchange yesterday.

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

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