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Ma will not list his Zhejiang Finance Credit Network Technology through Hundsun, the company said.
Alibaba had previously been in talks with Hundsun Technologies and Hundsun Group about investing, Caixin reported last month.
Hundsun is China's biggest software provider for trading securities and fund companies, Caixin reported a source as saying.
The deal also raises concerns that access to Hundsun's financial data may give Alibaba's online finance arm an unfair advantage, Caixin said.
Alibaba's affiliated Alibaba Small and Micro Financial Services Group is also buying a controlling stake in Tianhong Asset Management Co, which runs a China's biggest money market fund, sold through Alibaba's online payment arm.
Hundsun Technologies declined to provide further comment.
A telephone number provided by Ma's Zhejiang Finance Credit Network Technology Co directed callers to Alibaba's Hangzhou offices, where the company is based and a job advertisement listed the company's website as Alibaba.com.
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