New | Jack Ma’s fund signs MOU with mainland China steel industry supplier Sinoref

Sinoref Holdings, a mainland firm that manufactures steel flow control products such as ladle shrouds, stoppers and nozzles, announced late on Monday a memorandum of understanding with an investor eventually controlled by Alibaba Group billionaire Jack Ma Yun.

Without giving more details about the MOU, the company in a statement on the Hong Kong Stock Exchange said the investor is wholly owned by Tianhong Asset Management Co, with a fund size of 688 billion yuan.

Tianhong is controlled by Ma, e-commerce giant Alibaba’s chairman.

Sinoref is based in Yixing city of Jiangsu province, serving mainland steel firms including Baosteel Group, Hebei Steel Group, Wuhan Steel Group and Shandong Steel Group, according to the company’s website.