Alibaba, CICC enhance cooperation
Alibaba Group Holding Ltd announced on Tuesday it has acquired minority stakes in China International Capital Corp Ltd to further cooperate on finance, technology and data.
The e-commerce behemoth said it has purchased 203 million shares, or 11.74 percent of CICC's Hong Kong-listed shares. These represent 4.84 percent of the investment bank's total issued shares.
Alibaba said the deal builds on multiple years of cooperation between the two companies and will help the pair "provide more innovative and more comprehensive products and services to customers".
Founded in 1995, CICC is China's first joint-venture investment bank offering services like investment banking, equities, fixed income currencies and commodities, wealth management and investment management. It went public on the Hong Kong Stock Exchange in 2015.
