Alibaba invests $193 mln to buy Chinese asset manager Tianhong
BEIJING Oct 9 (Reuters) - Chinese Internet company Alibaba Group has invested 1.18 billion yuan ($192.8 million) to buy fund management company Tianhong Asset Management Co, Tianhong shareholder Inner Mongolia Junzheng Energy & Chemical Industry Co said in a statement on Wednesday.
The investment gives Alibaba a 51 percent controlling stake in Tianhong, which is already in a partnership with Alibaba's online payment affiliate Alipay. (Reporting by Paul Carsten; editing by Jonathan Standing)
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