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Hundsun Gains as China State Funds Buy Stake Amid CSRC Probe

By Tony Seruga

Hundsun Technologies Inc., partly owned by Jack Ma’s financial investment company, rallied in Shanghai trading after disclosing that Chinese government-backed funds bought its shares and despite news of a regulatory probe.

Shares of the Hangzhou-based software developer rose 1.8 percent at the 11:30 a.m. break after surging as much as 6.3 percent. The company said late Tuesday that Central Huijin Investment Co. owned 1.76 percent of its shares as of Aug. 14 while China Securities Finance Corp. held 1.23 percent. Central Huijin is a unit of China’s sovereign wealth fund while China Securities Finance was mandated by the government in July toBUY STOCKS as part of efforts to stem a stock-market rout…

Hundsun Gains as China State Funds Buy Stake Amid CSRC Probe

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