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

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.

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