CNBC: Alibaba affiliate moves nearer to IPO

|About: Alibaba Group Holding Lim... (BABA)|By:, SA News Editor

Alibaba (NYSE:BABA) affiliate Ant Financial, which operates the Alipay payments service and is valued at $60B, is "closer to an initial public offering," CNBC reports.

There has been much media speculation that Ant has pushed back the hotly anticipated flotation to 2017 from 2016, although CNBC's source says that the company hasn't set a timetable as it's in a long line of firms waiting for approval from Chinese authorities to list.

Alipay has 450M active users and processes 170M transactions a day.