Ant Financial is among a series of financial technology companies tapping investors for pre-IPO financing to fund expansion as Chinese consumers move more of their banking, payments and investing online.
Ant Financial Services Group, the finance arm of Chinese e-commerce giant Alibaba Group Holding Ltd, is looking to raise funds from investors ahead of a planned initial public offering, the second time in less than six months the company taps investors to finance its growth.
At least $1.5 billion, comes just months after Ant Financial’s first major private placement completed in July. State media had pegged the previous round at up to $4 billion, when the company was valued at about $45 billion.
Online lending platform Lufax, backed by China’s second largest insurer Ping An Insurance Group Co of China Ltd, has also sought funds from investors ahead of a planned IPO in Hong Kong worth up to $5 billion in 2016.
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