Alibaba raises stake in investment bank CICC

Wednesday 20 February 2019 10:03 CET | News

Alibaba has raised its stake in investment bank China International Capital Corporation’s Hong Kong-listed shares to nearly 12%, Reuters reports.

The company bought 117 million CICC H-shares indicating a total investment of USD 230.61 million, according to Reuters calculations based on the Hong Kong Exchange disclosure.

Due to this investment, Alibaba becomes the second-largest stakeholder of CICC’s H-shares, with an 11.74% stake. Tencent is the largest stakeholder, with a 12.01% stake.

Earlier in January 2019, Alibaba Group announced the launch of A100, a strategic partnership programme that offers companies a one-stop solution for their digital transformation.

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Keywords: Alibaba, bank, China, CICC, Tencent
Countries: World