Expansion aim: Alibaba, led by founder Jack Ma, has been expanding in areas beyond its core e-commerce base, such as online video, as volume growth in its online shopping business slows. — Reuters
SHANGHAI: The financial services affiliate of Chinese e-commerce giant Alibaba has raised US$4.5bil (RM17.74bil) in funding, it said, calling it the largest single private placement by an Internet company.
The move values Ant Financial Services Group at roughly US$60bil (RM235.73bil), the Wall Street Journal reported, quoting people familiar with the situation. Previous media reports had said the company aimed to raise US$3.5bil (RM13.75bil).
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