Ant Financial Services Group (AFSG), the financial services affiliate of Alibaba Group, has entered into an agreement to acquire3 0% stake in Shanghai-based asset manager Tebon Fund Management.
AFSG intends to raise its stake in Tebon Fund Management to 60% in the future.
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In addition, the firm will also move the asset management of its Yuebao product from Tianhong Asset Management to Tebon Fund Managment.
According to media reports, Ant Financial plans to launch an initial public offering (IPO) as early as next year.
Founded in 2012, Tebon FM is owned by Tebon Securities and has a registered capital of around RMB200m ($32m).
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