Alibaba-backed Ant targets China's internet market with £120m purchase
Cathay Financial Holdings has agreed to sell a 60% stake in Taiwan-headquartered Cathay Insurance (China) to Alibaba-owned Ant Financial.
Ant Financial, a financial services group, is spending $188m (£122m) to buy the controlling stake. The companies want to use the tie-up to expand in internet finance, big data analytics and cloud
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