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Alibaba Invests $193 Million to Buy Chinese Asset Manager Tianhong

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 provides Alibaba with a 51 percent controlling stake in Tianhong, which is already in a partnership with Alibaba’s online payment affiliate Alipay.

Source: Reuters.com

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