22:58 GMT02 August 2021
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    Alibaba’s Ant Financial to Seek Listing in China

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    Alibaba’s financial affiliate Ant will seek listing on the stock market in Shanghai or Shenzhen.

    The financial affiliate of a chinese e-commerce company Alibaba Group Holding Ltd is planning to raise up to $4 billion in a private placement of shares and is considering a domestic IPO in 2017, according to media reports.

    Ant Financial is currently valued at between 35 and 40 billion dollars, Shanghai Securities News reported. The company's initial public offering is likely to take place in China. 10% of the company will be placed with strategic investors with candidates limited to firms backed by the Chinese government, Shanghai Securities News said.

    In September 2014 Alibaba broke records with its IPO  on the NYSE. In January, Alibaba announced it intended to place shares of its financial affiliate, Ant Financial Services Group, on the stock market, however, the timetable listing wasn’t reported.

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    China, Alibaba Group, stock market, stock exchange, shares, IPO
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