Alibaba denies deal with Changjiang Securities

Alibaba Group, China's leading e-commerce company, has denied media reports that it is buying into Hubei-based Changjiang Securities, Web portal finance.qq.com reported Tuesday, citing a company insider.

The insider at Alibaba claimed ignorance of the deal, while an insider at Changjiang Securities said "there is no such information in the company."

Alibaba, which has been eyeing the fast-growing online finance sector, announced earlier this month it would buy 51 percent of Tianhong Asset Management Company.

After Alibaba's capital injection, Tianhong's registered capital will surge to 514.3 million yuan ($84.4 million) from its previous 180 million yuan, making it the country's largest fund management company in terms of registered capital.

Alibaba also runs Yu'ebao, an online investment fund for individuals, as well as an online property insurance company in partnership with Tencent CEO Pony Ma Huateng and Ping An Insurance Chairman Ma Mingzhe.