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  • Alibaba May Acquire Hundsun Technologies Inc. (600570:CH) 0 comments
    Mar 24, 2014 6:28 AM | about stocks: BABA

    24,March,2014

    AliFinance, a subsidiary of Alibaba Group may be working on acquiring Hengsheng Group; parent company of Hundsun Technologies Inc. Currently, AliFinance had completed the initial due diligence investigation on Hengsheng Group. The two sides have signed an exclusive agreement and will make further contact.

    • Hundsun Technologies Inc. is currently suspended due to major strategic issues. Alibaba Group announced to start its plan to go public in US on March 16. On the same day, Hundsun announced suspension because Hangzhou Hundsun Technologies Inc, its controlling shareholder was planning on major strategic issues. At the end of 2012 when Hundsun Technologies Inc. was once suspended, there was report that Alibaba Group and Hundsun Technologies Inc. had signed a major strategic cooperation agreement. The two companies would conduct in-depth cooperation in fields, like the financial payment, international data exchange and IT background security.

    • Hundsun Technologies Inc. virtually monopolizes the public funding electronic systems. As China's leading financial software and network service providers, the company takes up a considerable market share in IT systems of a number of financial sub-sectors. Hundsun's 2012 annual report showed that the company's core market share of funds, securities, insurance, trust and information management reached respectively 93%, 80%, 90%, 75%.

    Stocks: BABA
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