Jul
06
Alibaba’s Financial Affiliate Is Said to Close Private Placement of Shares
BySHANGHAI — The financial services affiliate of the Chinese e-commerce giant Alibaba Group closed a private placement of shares on Friday that the company said values it at more than $45 billion and makes the Chinese government a stakeholder, according to people familiar with the transaction.
The company, the Ant Financial Services Group, is a financial powerhouse in China, with over 400 million customers. It operates Alipay, the country’s dominant online payment platform; a private Internet bank called MYbank; a huge microloan unit and China’s largest money market fund, Yu’e Bao, which manages more than $150 billion in assets…
Alibaba’s Financial Affiliate Is Said to Close Private Placement of Shares
