(Yicai Global) June 4 -- Ant Financial Services Group, the world's most valuable fintech company, will buy a five percent stake in Chinese information technology provider HopeRun Software for CNY462 million (USD72 million) as part of efforts to upgrade its system architecture.
Hangzhou-based Ant Financial has agreed deals with two individual investors for the transfer of shares, Nanjing-based HopeRun said in a statement, adding that the two companies aim to jointly exploit the financial services market following a cooperation agreement with subsidiary Ant Cloud Financial Information Service.
Ant Financial has made moves recently to consolidate its position across business segments through investments in financial IT providers as well as business cooperation. Last week, the company announced plans to form a joint venture with IT services provider Global Infotech offering full industry-chain services to financial clients.
Trading in HopeRun Software's [SHE:300339] A-shares closed at CNY12.75 on May 18 before suspension in preparation for the deal. The share resumed trading today closing at CNY13.50, up 5.88 percent from the previous trading day. Jiangsu HopeRun Technology Investment Group will remain controlling shareholder following the deal with 139.7 million shares or 17.5 percent.
Editor: William Clegg