Yunfeng to be lead investor in US$1.7b purchase of MassMutual's HK unit
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Hong Kong
YUNFENG Financial Group said it would be the main investor in a US$1.7 billion acquisition of insurer MassMutual International's Hong Kong unit - a deal that sent shares in the Jack Ma-backed finance firm soaring as much as 30 per cent.
The cash and stock deal will add insurance products to Yunfeng's existing fintech-focused financial services, in what the company called a milestone in its ambitions to become a financial conglomerate. Yunfeng will own 60 per cent of MassMutual Asia. The rest will be owned by other investors such as Ant Financial Services, an affiliate of billionaire Jack Ma's Alibaba, as well as Singapore sovereign wealth fund GIC Private Ltd and Chinese Internet and telecoms firm Sina Corp.
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