Date
23 May 2017
Ant Financial operates Alipay, the flagship of Alibaba's e-commerce empire which allows buyers and sellers on do business online. Photo: Internet
Ant Financial operates Alipay, the flagship of Alibaba's e-commerce empire which allows buyers and sellers on do business online. Photo: Internet

Ant Financial placement racks up valuation to US$45 bln

Alibaba’s internet finance affiliate is now worth US$45 billion after a private placement.

Ant Financial Services Group sold shares to outside investors including China Development Bank Capital Co. and a holding company affiliated with David Yu, according to Reuters.

Yu co-founded private equity firm Yunfeng Capital with Alibaba Jack Ma.

China’s National Social Security Fund bought about 5 percent, Ant Financial said on its website.

It’s not known how much was raised in the placement but external investors now hold 12.4 percent of the company, according to a person familiar with the matter cited by Reuters.

Ant Financial operates Alipay, the flagship of Alibaba’s e-commerce empire which allows shoppers and merchants to make online transactions.

Also, Ant Financial has received regulatory approval to establish an internet bank and offer wealth management services and other financial products.

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CG/RA

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