Hong Kong/Singapore — China’s Ant Financial Services Group is in talks with investors to boost its fundraising target to at least $8bn, which could see its valuation jumping to about $150bn, people with knowledge of the plan said. Singapore state investor Temasek Holdings is likely to be the lead investor in the latest round of equity raising by the company, controlled by Alibaba Group Holding founder Jack Ma, three people said. Reuters reported in February that Ant, owner of China’s top online payment platform Alipay, was planning to raise up to $5bn, which could value the firm at more than $100bn. The fundraising plan comes ahead of an expected stock market flotation, although Ant has neither set a timetable for the initial public offering (IPO) nor has it chosen any location for the same. One of the people said Ant could end up raising between $8bn and $10bn as a result of strong investor demand. All the people spoke to Reuters on the condition that they not be named as the fundr...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.