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