News this week: The Alibaba
Group has acquired a 51% majority share in Tianjin-based Tianhong Asset Management Co for US$193
million in order to expand the range of financial services it offers. According
to a Tianhong spokesman, the company’s management will remain unchanged.
Earlier this year in June, Alibaba’s payment platform, Alipay and Tianhong cooperated to launch a
new fund and payment platform, Yu’E Bao. Yu’E Bao is
an extension of Alipay’s services that allows Alipay’s customers to transfer money
from their account into an investment fund. According to Tianhong, the fund
attracted more than 2.5 million customers and raised US$1.08 billion in its
first 18 days of operation.
Yu’E Bao does not impose a minimum investment amount and
allows its users to withdraw their money at any time. Alipay released a
statement on its official Sina Weibo microblog saying, “In order to give
investors in Yu’E Bao more security, improve innovation and provide more
products and services, we have chosen to cooperate with Tianhong Asset
Management.”
This post is excerpted from BSG's weekly e-newsletter
which is part of our subscription research service, BSG Tracker. Visit our website
to find out more about this service. You can also follow us on Twitter
for all the latest updates.
No comments:
Post a Comment