Hong Kong — Goldman Sachs Group and Bank of America were left off Ant Group’s upcoming stock sale in Hong Kong because of their past work with rivals of its affiliate Alibaba, according to people familiar with the matter.

Bankers have been told by senior executives at Alibaba Group Holding, which owns a third of Ant, that they should refrain from doing deals for its competitors if they want business from Jack Ma’s sprawling empire, the people said. Ant has kicked off plans to go public in Hong Kong and Shanghai in offerings that could top Saudi Aramco’s record $29bn initial public offering (IPO)...

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