(Yicai Global) Dec. 26 -- Suning Financial Services Shanghai Co. has issued new shares to raise CNY5.34 billion (USD813 million) as it looks to invest further into financial technology.

Some 14 investors took part in the injection, which will see the Suning Commerce Group Co. subsidiary issue 16.5 percent of its equity. Yunfeng Capital, which is backed by Chinese e-commerce mogul Jack Ma, pumped CNY1 billion into the company to take a 3.09-percent stake.

Suning Financial Services plans to use the new funds to develop the technology behind its products, which include third-party payments, supply chain finance, consumer finance, wealth management and insurance, to improve its ability to control risk.
The company set up its third-party payment business in 2011 and has since formed other business lines around that to set up end-to-end financial solutions and services. The firm last year consolidated its financial services and brought in Suning Financial Holding Co. as a strategic investor.

Suning Financial Services first sought to increase capital in January, when Suning Financial Hodling funded the establishment of an employee stockholding partnership to boost the capital injection, which totaled CNY6.67 billion.