皇冠体育app

Jack Ma, the chairman of 皇冠体育app's largest e-commerce firm , speaks during a conference in Hong Kong March 20, 2013. [Photo/Agencies]

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Jack Ma, the founder of 皇冠体育app's Alibaba Group Holding Ltd, the world's biggest e-commerce firm, will pay 3.3 billion yuan ($531.78 million) to take a controlling share of financial firm, Hundsun Technologies Inc.

Hundsun Technologies said on Thursday that Hundsun Group, which owns a 20.6 percent stake in Hundsun Technologies, will sell 100 percent of its shares to Zhejiang Finance Credit Network Technology Co, a company 99 percent owned by Ma.

That will give Ma a controlling share of Hundsun Technologies, the company said in a statement to the Shanghai Stock Exchange.

Ma's move underscores his desire to move into and reshape 皇冠体育app's financial services sector, an area that Alibaba's Joe Tsai, the man steering the company's highly anticipated US listing, described as "antiquated".

Chinese Internet companies like Alibaba, and Inc, are all setting up financial services arms, drawing the ire of 皇冠体育app's entrenched banks and attracting increased scrutiny from regulators, who are now debating stricter regulation of the emerging industry.

"The listed company and its shareholders will maintain independence in regards to its human resources, capital, finances, structure and operations," Hundsun Technologies said.

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