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Article introduction
Yunfeng Finance spent 44 million US dollars to purchase 10,000 ETH to increase its investment in Web3, and Jack Ma indirectly participated in the strategic layout through 40% of Yunfeng Fund’s holdings.
On September 2, 2025, Yunfeng Financial Group (stock code: 376.HK), a Hong Kong-listed financial institution, announced that it had purchased a total of 10,000 Ethereum (ETH) through the open market, with a total investment cost of US$44 million.
Yunfeng Finance announces the purchase of Ethereum ETH as a strategic reserve asset.
This action not only marks the substantial advance of traditional financial institutions into the Web3 field, but also reflects the strategic synergy between Jack Ma and Yunfeng Fund behind it.
The capital link between Jack Ma and Yunfeng Fund
From the perspective of equity structure, the relationship between Yunfeng Finance and Jack Ma can be traced to its core shareholdersJade Passion Ltd,The company holds a 47.25% stake in Yunfeng Finance, and Jade Passion’s actual controller is Yunfeng Fund, co-founded by Jack Ma and Yu Feng.
Although Jack Ma does not directly hold shares in Yunfeng Financial, he has passed the RMB first phase fund execution entity of Yunfeng Fund.Shanghai Yunfeng Investment Management Co., Ltd.Indirectly exerted influence, Jack Ma holds a 40% stake in the company.
Jack Ma holds sharesShanghai Yunfeng Investment Management Co., Ltd.40%.
In addition, Huang Xin, Haiou, etc., members of the investment decision-making committee of Yunfeng Fund, serve as executive directors or senior executives of Yunfeng Finance.This two-layer structure of “fund-listed companies” makes Yunfeng Finance’s strategic layout naturally bear the imprint of Yunfeng Fund.
It is worth noting that Yunfeng Fund has made frequent moves in the blockchain field in recent years.In August 2025, Yunfeng Fund and Yunfeng Finance invested in the Macau International Carbon Emissions Exchange to launch the “Carbon Chain” plan to put carbon credit asset transaction data on the chain; earlier, the Pharos public chain it participated in focused on the development of RWA (real world assets) tokenization technology.
The establishment of ETH reserves can be regarded as the implementation and extension of Yunfeng Fund’s “blockchain + finance” strategy at the listed company level.
From Ant Ecology to RWA
Yunfeng Finance’s ETH layout has formed a deep resonance with the industrial resources of Jack Ma and Yunfeng Fund.On the one hand, Yunfeng Financial HoldingsWantong Insurance AsiaIt has historical connections with Ant Group.Ant once directly held 5% of Wantong Insurance’s shares, and Yunfeng Finance planned to integrate insurance business into the Alipay ecosystem in the early stage.
On the other hand, Yunfeng Fund’s long-term bet on the RWA track has formed a strategic closed loop with Yunfeng Finance’s ETH reserves.RWA tokenization needs to rely on the ETH blockchain as the settlement layer, and the 10,000 ETH purchased by Yunfeng Finance this time provides infrastructure support for its future digitalization of real estate, art and other assets.
This layout is passed by Jack Ma in recent yearsBlue Pool CapitalThe blockchain investments carried out form a response and jointly build a complete chain of “technology investment – asset chaining – financial services”.
Strategic inertia from ants to cloud
Although Yunfeng Finance emphasizes that ETH investment “strictly follows the Hong Kong regulatory framework”, its relationship with Jack Ma still arouses market attention to regulatory risks.
Since 2013, mainland China has clearly prohibited financial institutions from participating in cryptocurrency business, and Yunfeng Finance, as a licensed institution, its compliance depends on Hong Kong’s open policy to Web3.It is interesting to note that Yunfeng Fund’s recent investment in Australian Carbon Institute is exactly in line with the policy orientation of Hong Kong’s “green finance + blockchain”. This “risk-averse” strategy may provide implicit endorsement for Yunfeng Finance’s ETH layout.
Jack Ma’s layout logic in the field of financial technology is significantly coherent.When Ant Group was established in 2013, its “de-intermediation” concept coincided with the spirit of blockchain; in 2015, Yunfeng Financial went public through a backdoor listing, with the goal directly targeting the “Chinese version of Schwab Financial Management”, trying to integrate Alibaba’s ecological resources.
The establishment of ETH reserves can be seen as the iteration of its early strategy in the Web3 era. By controlling financial infrastructure (such as ETH reserves), Yunfeng Finance is expected to have a first-mover advantage in the future digital asset custody, RWA trading platform and other fields.
Yunfeng Finance’s ETH layout is essentially a phased result of Jack Ma and Yunfeng Fund’s “technology-enabled finance” strategy.Through equity links, resource collaboration and compliance design, Yunfeng Fund transforms its investment in the blockchain field into strategic assets of listed companies. Although Jack Ma did not directly participate in the decision-making, the fund structure and industrial ecosystem he founded provided underlying support for this layout.
This case not only reveals the feasible path for traditional financial institutions to transform into Web3, but also reflects the wisdom and limitations of China’s private capital exploring technological innovation under the regulatory framework.In the future, with the acceleration of RWA tokenization, whether Yunfeng Finance’s ETH reserves can truly be transformed into competitive advantages will depend on the depth of its coordination with the Yunfeng Fund ecosystem and the evolution of regulatory policies.
