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.
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.
Subscribe to VCpost newsletter
- Swiss Bank Banque Pictet Admits to Conspiring With US Taxpayers to Hide Over $5.6 Billion From IRS
- Spotify to Lay Off 17% of Its Workforce — Here’s What CEO Daniel Ek Has to Say
- Gold Price Hits New Record High; Bitcoin Value Also Surges
- This Crypto Blockchain Emerges as Preferred Platform by Terrorist Groups Like Hamas and Hezbollah
- US to Prevent China From Supplying Battery Materials for EVs Set to Receive Billions in Tax Credits
- Beyond Profits: A Look Into Trevor & Greg's Serviced Accommodation Mentorship Program
- Federal Reserve Chair Jerome Powell Downplays Rate Cut Talk, Says More Rate Hikes Still Possible
- Despite AI Hype, New Data Shows Only Few US Companies Are Actually Using It