(Yicai Global) April 23 -- Internet giant Tencent Holdings Ltd. has agreed to invest CNY389 million (USD61.75 million) in Sunline Tech Co. to develop a financial cloud platform that provides internet banking and funding solutions.
Under the agreement, Sunline Tech will sell 7 percent of itself (21.37 million shares) to a tech affiliate of Tencent, the fintech developer said in a statement. Sunline Tech President Wang Changchun’s stake will fall to 17.88 percent. He will retain chairmanship of the company.
The Shenzhen-based companies will jointly run a cloud platform in the fields of banking, insurance, funding, securities and consumer finance. Sunline Tech will provide the software, while Tencent will supply the platform with cloud computing and big data solutions.
Editors: Emmi Laine, William Clegg