April 8, 2014 / 2:25 AM / 4 years ago

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

HONG KONG, April 8 (Reuters) - Shares of Hundsun Technologies surged more than 10 percent on Tuesday after Jack Ma, the founder of China’s Alibaba Group Holding Ltd , 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.

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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