Alibaba (BABA), Tencent Founders Make Investment in Ping An Insurance

Founders of Alibaba (NYSE: BABA) and Tencent Holdings are said to have made investments in Ping An Insurance Group Co of China Ltd.

Reuters reported that the move came during a HK$36.5 billion (about $4.7 billion) share offering that happened last Sunday. Alibaba's Jack Ma and Tencent Chairman Pony Ma took stakes in the insurer.

The three firms previously collaborated in 2013 to set up Zhong An Online Property Insurance, which was China's first online insurance seller. It's not clear if further collaboration is planned.

Shares of Alibaba are indicated for a higher open Tuesday.

You May Also Be Interested In

• Apple Trains Its Own AI Model For China Market With Alibaba's Support- Reuters
• Alibaba Plans To Charge Big Users Of Its Next Open-source Ai Model, Sources Say - Reuters
• Beeline CEO puts $500,000 into company via convertible note