| Alibaba Group Holding’s finance affiliate has increased the amount it’s raising to at least $3.5bn 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 $60bn, 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...............................................Full Article: Source
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