Jack Ma invests 3.3B yuan in financial software provider

Alibaba chairman Jack Ma Yun has agreed to pay about 3.3 billion yuan (HK$4.1 billion) for a 20.6 per cent stake in financial software provider Hundsun Technologies, a move that could help bolster the e-commerce giant's efforts in online financial services.

After the deal closes, Ma will be the controlling shareholder of Hundsun, with the software firm's founder and its management team holding about 10 per cent.

Ma acquired the stake from Hundsun Group, which sold its entire holding to a company 99 per cent owned by Ma.

Hundsun Technologies is recognised as the mainland's biggest software provider for securities traders and fund companies.

Headquartered in Hangzhou and listed on the Shanghai stock exchange, the company said it "will maintain independence" in human resources, capital, finances, structure and operations.

Alibaba, along with other major mainland internet firms Tencent and Baidu, has expanded into the financial services sector to the dismay of state-owned banks and funds.