The cash injection, which is set to be secured at a valuation of up to $40bn, will precede an initial public offering likely to take place in 2017.
Ant Financial Services, the China-based payment services affiliate of e-commerce company Alibaba, will look to raise up to $4bn in a private placement, according to Shanghai Securities News.
The company will issue a stake sized at around 10% in the placement, which will be implemented at a $35bn to $40bn valuation. Ant Financial plans to follow it with an initial public offering in its home country in 2017.
Reports earlier this month stated Ant Financial was raising cash at…
