China’s Ant Financial is looking ever more like an elephant, but investors should be wary of getting squashed.
The financial affiliate of e-commerce behemoth Alibaba is raising $9 billion this week from a range of international investors, valuing it at a whopping $150 billion. On paper, Ant will be larger than banks such as Goldman Sachs and Morgan Stanley and will be China’s sixth-largest financial firm, just below the state-owned Bank of China.
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