Jkos Network Co Ltd (街口網) and two other investors on Thursday spent NT$370.18 million (US$12.04 million) buying 80 percent of Paradigm Asset Management Co Ltd (國票華頓證券投資信託股份有限公司), in a bid to expand its business into investment trust services and consulting.
Jkos Network, the parent firm of Jkopay Co Ltd (街口電子支付), would hold a 25 percent of Paradigm Asset’s shares, a cap set by the Financial Supervisory Commission (FSC), Jkopay communications officer Vivien Chan (詹宥虹) told the Taipei Times yesterday.
Chan declined to say how much Jkos paid for the trade.
However, he said that holding a 25 percent stake would give Jkos a degree of control.
The remaining 55 percent stake was purchased by a Kaohsiung-based investment company and an investor surnamed Lee (李), Chan said.
According to Waterland Financial Holdings Co (國票金控) data, the three investors bought a total of 32.8 million shares at a price of NT$11.286 per share.
Local media reported that Jkos Network might aim to become something resembling Alibaba Group Holding Ltd’s (阿里巴巴) Yu’eBao (餘額寶), the largest fund manager in China, by cooperating with Paradigm and marketing new products to its users.
Jkos Network plans to expand its business to include investment trusts and consulting, relying on its solid user base, Chan said, but added that “it would not be correct if you say we aim to be another Yu’eBao.”
The FSC in April last year eased the rules to allow electronic payment firms to invest their money in New Taiwan dollar-denominated money market funds, but no company has yet applied to run such a fund, the commission said on Tuesday.
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