Alibaba Affiliate in Tussle Over Asset-Management Deal
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An Alibaba Group Holding Ltd. affiliate faces a tussle to complete a deal struck in 2013 giving it control of Tianhong Asset Management Co., the manager of $93 billion raised by online fund Yu’E Bao.
Billionaire Jack Ma’s Zhejiang Ant Small & Micro Financial Services Group Co. and Tianhong shareholders failed to agree on the treatment of Tianhong’s retained profits, one of the shareholders, Inner Mongolia Junzheng Energy & Chemical Industry Co., told Shanghai’s stock exchange last night.