According to a statement by Junzheng Group, an investor of Mutual Fund Dealer THFund, Alibaba Group would acquire a 51% stake in the THFund for 1.18 billion yuan (over $190 million).

Alipay, the payments service under Alibaba Group, and THFund jointly launched Yuebao, a mutual fund for users to buy with money in their Alipay accounts, in the past July. Alipay claimed that 2.5 million users had signed up to it and purchased a total of 6.6 billion yuan (over $1 billion) worth of Yuebao in half a month since launch. It is said the two parties would launch more Internet-based financial products later on.

Alibaba established Alifinance, based on Alipay, in March 2013 that operates businesses including online payments, small loans, online insurance, among others.

Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com

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