Ant Financial Services Group, the finance arm of Chinese e-commerce giant Alibaba Group Holding Ltd, is in talks to invest in business magazine publisher Caixin Media, Bloomberg reported on Tuesday, citing people familiar with the matter.
Caixin, founded by Hu Shuli, has been discussing a stake sale with Ant Financial which operates Alipay and Alipay Wallet, Bloomberg said. No deal has been signed yet, Bloomberg reported.
Alibaba has been expanding its portfolio of media and content companies. In December, the company agreed to buy Hong Kong-based South China Morning Post and other media assets of SCMP Group for $266 million.
Ant Financial Services declined to comment and Caixin was not immediately available for comment.
(Reporting by Vishal Sridhar in Bengaluru and John Ruwitch in Shanghai; Editing by Gopakumar Warrier)