Marbridge Daily

<- August 24, 2012 ->

Alibaba, Tencent, Ping An CEOs Establish Insurance JV

Caixin, 8/24/12

Hangzhou-based e-commerce conglomerate Alibaba Group chairman Jack Ma, Tencent (0700.HK) chairman Pony Ma, and Ping An Insurance chairman Ma Mingzhe (no relation) reportedly plan to establish an online financial services company, and registered the unnamed firm in Shanghai.

While no details about the new firm have been divulged, one industry source claimed that Ma Mingzhe holds a 15% stake.

Editor's Note: Ma Mingzhe confirmed to Sina Tech that Ping An, Alibaba Group, and Tencent will establish an online insurance joint venture, which will provide insurance for virtual items.

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