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Friday 14 December 2018

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Ant Financial ‘delays IPO plans’

Written by Hannah McGrath
21/08/2018

Ant Financial, the Chinese electronic payment affiliate of Alibaba, has reportedly pushed back its plans for an IPO due to financial hurdles and a government crackdown on non-traditional financial institutions.

The fast-growing payments startup was valued at $150 million (£117billion) in its latest fundraising round in June, but has decided to delay rumoured plans to list in 2018, according to the Financial Times.

The privately-owned FinTech, which is affiliated with Alibaba, the Chinese e-commerce giant, reported losses in its first quarter earnings following intense rivalry with payment services provided by Chinese conglomerate Tencent, which owns social media platform WeChat and Alibaba’s main e-commerce competitor JD.com.

Two people familiar with the process said a listing was unlikely before the end of 2019, with one saying it was “years” away.

The company will report second quarter results on Thursday.



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