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Rumor: Ant Financial to Invest in Tebon Fund Management

Sina Finance, 2/11/15

Zhejiang Ant Small and Micro Financial Services Group ("Ant Financial"), the financial services affiliate of Chinese e-commerce conglomerate Alibaba Group (NYSE: BABA), and Shanghai-based fund management firm Tebon Fund Management have reportedly already signed a framework where Ant Financial will make a capital investment in Tebon to hold a 30% share, according to a source that is close with both companies.

Apparently, the agreement framework stipulates that Ant Financial will reserve the right to increase its stake in Tebon to 60% if legally permitted. The size of the investment is unclear at the moment.

Ant Financial previously attempted a capital investment in Tianhong Asset Management, but was blocked by Tianhong's second largest stockholder Inner Mongolia Junzheng Energy Chemical (601216.SH). Analysts believe Ant Financial's move to invest in Tebon is preparation for giving up on Tianhong.

Editor's Note: Ant Financial confirmed to media on February 12 that it has invested in Tebon Fund Management, but didn’t reveal either the size of the investment or of the total stake it would take. For more background on this topic, please see "Ant Financial Purchase of Tianhong Delayed by Shareholder Dispute" MD 01/05/15 issue.

Keywords: Internet Tianhong Alibaba Group financial services Tebon Fund BABA Tian Hong Asset Management Ant Financial Group


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