From technology firms to financial companies, to logistics firms and even a football club, there seems to be no stopping Alibaba’s founder and chairman Jack Ma from further expanding his investment portfolio in China and around the world.

In what was considered as a surprising move for China’s Internet tycoon, Jack Ma, through his private equity firm Yunfeng Capital, and Citic Private Equity have banded together to purchase a 60-percent stake in Inner Mongolia Yili Industrial Group, a Chinese dairy giant.

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The purchase is worth around 2 billion yuan (US $320 million) and gives Ma a controlling stake in Yili, which has become among the many dairy firms that have, surprisingly, attracted investments from private equity companies.

Experts said the US $320-million investment by Yunfeng and Citic into Yili showed Ma’s confidence in the potential of the dairy giant as well as the standing of China’s dairy industry. Yili will continue to hold the rest of the 40 percent, sources said.

Local dairy firms have made a killing in China’s dairy industry following the series of scandals involving foreign dairy companies that supply milk and other dairy products to China. Experts said Chinese consumers now trust local dairy producers more than foreign companies.

Jack Ma has been on a spending spree prior to the listing of Alibaba in the New York Stock Exchange. The listing has been dubbed as the biggest for an Internet company and Alibaba .

Dairy firms in China have been receiving investments from private equity firms as the market continues to grow over the years.

Recently, Olympus Capital Asia and the Government of Singapore Investment Corporation invested US $106 million to Huaxia Dairy, making Olympus the largest shareholder in the company.

Last February, RRJ Capita, a Hong Kong-based private equity company paid 1.5 billion yuan for a 45-percent stake in dairy farm Shanghai Bright Holstan.

TagsJack Ma