Alibaba Group Holding Ltd's financial affiliate launched on Thursday Internet bank MYbank, targeting the small- and medium-sized Chinese enterprises that have struggled to obtain credit from major financial institutions.
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China's Ant Financial Services Group, e-commerce giant Alibaba Group Holding Ltd's (BABA.N) internet finance affiliate, closed a private placement valuing the unit at about $45 billion, a person familiar with the matter said Thursday.
Ant Financial Services Group, Alibaba's affiliate which runs online payment platform Alipay, is seeking to raise up to $4 billion in a private placement of shares and is looking at a domestic IPO in 2017, the state-run Shanghai Securities News reported.