Chinese e-commerce giant Alibaba Group has increased its stake in Hong Kong-listed shares of China International Capital Corporation Ltd (CICC), an investment bank based in Beijing, from 4.96% to 11.74%, according to a CICC shareholding disclosure posted Tuesday on the Hong Kong Stock Exchange news website.
Alibaba bought 117 million of CICC’s H shares at an average price of HK$15.50 (US$1.97). After this purchase, which occurred on February 14th, Alibaba’s interests in CICC H shares comes closer to Tencent Holding, which holds a 12.01% stake.
Alibaba’s stake in CICC’s total equity has reached 4.84%, said a Reuters report.
Alibaba did not comment on this acquisition while CICC said it holds an open attitude toward leaders in information technology and will explore ways to apply information technology in the finance sector.