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Alibaba’s affiliate completes first round fundraising
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Alibaba Group's financial affiliate Zhejiang Ant Small & Micro Financial Services Group Co said it has completed its first round of fundraising as the company continues to tap the growing demand of financial services for grass-root Internet users.
"The fund-raising gives us more opportunity to expand our businesses and serve more consumers as well as small business owners," according to an email statement today.
Ant Financial sold about 12.4 percent stake to external investors including the National Social Security Fund and private equity firms including Yunfeng Capital.
Alibaba chairman Jack Ma holds as many as 7.8 percent of stake in the company, the same as his stake in Alibaba Group after its initial public offering last year.
Earlier media reports said the company is eyeing an initial public offering in Shanghai next year, but the company declined to comment on market rumors.
As many as 40 percent of the company's stakes were owned by employees.
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