Deals
Alibaba Affiliate Said to Lift Target in Tech Funding
- Ant Financial raised its target to more than $3.5 billion
- China’s sovereign wealth fund, CCB vehicle to lead investment
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Alibaba Group Holding Ltd.’s finance affiliate has increased the amount it’s raising to at least $3.5 billion and gained the support of powerful state-backed investors in a record technology funding, according to people familiar with the matter.
Zhejiang Ant Small & Micro Financial Services Group Co., controlled by Alibaba’s billionaire founder Jack Ma, could be valued at about $60 billion, said the people, who asked not to be identified because the deal is being negotiated in private. China Investment Corp., the country’s sovereign wealth fund, and an investment vehicle of China Construction Bank Corp. are leading its latest round, the people said.