According to a report by Bloomberg, Alibaba Group Holding Ltd BABA's financial affiliate, Ant Financial, is eyeing a stake in Caixin, a China-based business magazine publisher.
Ant Financial is owned by Alibaba founder Jack Ma, who recently acquired Hong Kong's South China Morning Post newspaper.
Related Link: Alibaba Buys South China Morning Post, Will Take Down Paywall And Make Content Free
Bloomberg noted that Caixin Media is close to finalizing a round of funding to bring in new investors. Currently, Tencent and China Media Capital own a stake in Caixin Media.
Shares of Alibaba were trading higher by nearly 2 percent at $72.09 ahead of Wednesday's opening bell.
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