Yunfeng Financial Group Ltd. will acquire a 16.67% stake in financial technology company Qutke Technology (Beijing) Co. Ltd.
Yunfeng Financial agreed to subscribe to new equity shares amounting to 50 million yuan in Qutke, according to a May 16 release.
Qutke offers investment research support and services for financial institutions. Yunfeng Financial said the investment will supplement the company's core business of providing financial services to investors.
As of May 16, US$1 was equivalent to 6.37 Chinese yuan.
