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Using a manually collected dataset from 2006 to 2020 in China, we investigate the relationship between unrelated shareholder alliance (SA) and related party transactions (RPTs). We reveal that unrelated SA could reduce listed firms’ RPTs, which have plagued the capital markets for years. This negative association is more pronounced in abnormal RPTs, which typically indicates tunneling. Further, the negative relationship between SA and RPTs is more pronounced in state-owned enterprises. Overall, our findings indicate that alliance is not a tool for unrelated shareholders to collude, but is a means for unrelated shareholders to cooperate.

Unrelated Shareholder Alliance and Related Party Transaction: Evidence from China