Alibaba buys a 20.6% stake in Hundsun Technologies.
Alibaba plans to acquire a controlling stake in financial software company Hundsun Technologies with a $532m investment.
The sum will be invested through Zhejiang Finance Credit Network Technology, which is owned by Alibaba boss Jack Ma.
Under the deal, Zhejiang will acquire 20.6% stake in the Hundsun Technologies from the Hundsun group, according to a filing with the Shanghai Stock Exchange.
The transaction is expected to offer Alibaba founder a controlling share of the Hundsun Technologies.
According to a statement from Hundsun Technologies: "The listed company and its shareholders will maintain independence in regards to its human resources, capital, finances, structure and operations."
Alibaba spent $692m earlier this month on Intime Retail to form a joint venture that would allow integration of the Chinese firms’ resources to fuse online and offline shopping.
However, Hundsun said it has no immediate plans to alter its main business and will continue to provide financial IT products and services.