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3 years ago
Shares of Hundsun Technologies jump after investment by Alibaba's Jack Ma
April 8, 2014 / 2:50 AM / 3 years ago

Shares of Hundsun Technologies jump after investment by Alibaba's Jack Ma

Alibaba founder Jack Ma gestures during a celebration of the 10th anniversary of Taobao Marketplace, China's largest consumer-focused e-commerce website, in Hangzhou, May 10, 2013.China Daily

HONG KONG (Reuters) - Shares of Hundsun Technologies (600570.SS) surged more than 10 percent on Tuesday after Jack Ma, the founder of China's Alibaba Group Holding Ltd IPO-ALIB.N, agreed to take a 3.3 billion yuan ($532 million) stake in the financial software firm.

Hundsun Technologies said last Thursday that Hundsun Group, which owns a 20.6 percent stake in Hundsun Technologies, would sell all of its shares to Zhejiang Finance Credit Network Technology Co, a company 99 percent owned by Ma.

Shares of Hundsun jumped more than 10 percent to 23.62 yuan, extending gains on Friday and outpacing a 0.6 percent gain for the broader index .SSEC.

China's markets were closed on Monday for a holiday.

Reporting by Alice Woodhouse; Editing by Anne Marie Roantree and Edwina Gibbs

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