- Ant Financial, the financial services affiliate of Alibaba (NYSE:BABA), has closed a private placement of shares that values it at more than $50B, Globes reports.
- State backing is critical for the firm because China's banking and financial services industry is dominated by government firms, some of which have tried to block private entities from entering the market.
- The so-called Series A round of financing was led by the National Social Security Fund of China, one of the country’s biggest state funds. NSSF now has a 5% stake in Ant Financial.
- A timetable has not yet been revealed for the company's public listing, but Jack Ma has said that any IPO would most likely take place in China's capital markets.
- Previously: Reuters: New funding values Alibaba's Ant Financial/Alipay at ~$45B (Jun. 18 2015)
Ant Financial closes private placement of shares
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