Ant Group Co’s valuation may be cut further under new measures proposed by China to curb market concentration in its online payments market, according to new estimates from Bloomberg Intelligence.
By Reuters Staff
(Adds context)
HONG KONG, Jan 6 (Reuters) - Chinese e-commerce leader Alibaba Group Holding Ltd plans to raise at least $5 billion through the sale of a U.S. dollar-denominated bond this month, four people with direct knowledge of the matter said.
Depending on investor response, proceeds could reach $8 billion which Alibaba is likely to use for general corporate expenditure, one of the people said.
The plan, including the timeline, is not final and subject to change, the people said, declining to be identified as they were not authorised to speak to the media.
Alibaba declined to comment.
The debt raising plan comes months after an October speech from billionaire co-founder Jack Ma about regulation stifling innovation that led to the suspension of affiliate Ant Group’s blockbuster $37 billion initial public offering.
Alibaba Group Holding Ltd (NYSE: BABA) co-founder Jack Ma reappeared in public view on Wednesday sending the company’s shares soaring 5.5% in New York but concerns persist.
India still hopes oil majors will join race for Bharat Petroleum sale
Premium
A private security guard stands in front of the regional head office of oil refiner Bharat Petroleum Corp (BPCL) in Kolkata, India, November 28, 2019. REUTERS/Rupak De Chowdhuri/File Photo
(REUTERS)
. Updated: 21 Jan 2021, 03:21 PM IST Bloomberg
India expects global oil majors to team up with investment funds that are already in the race for the nation’s biggest asset sale state-owned refiner Bharat Petroleum Corp.
Share Via
Read Full Story
India expects global oil majors to team up with investment funds that are already in the race for the nation’s biggest asset sale state-owned refiner Bharat Petroleum Corp.
China proposed measures to curb market concentration in its online payment market, potentially dealing another blow to financial technology giant Ant Group Co. and its biggest rival Tencent Holdings Ltd. The central bank said on Wednesday that any non-bank payment company with half of the market in online transactions or two entities with a combined two-thirds share could be subject to antitrust probes, according to draft rules released by the People’s Bank of China. If a monopoly is confirmed, the central bank can suggest the cabinet impose restrictive measures including breaking up the entity by its business type. Firms already with payment licenses would have a one-year grace period to comply with the new rules, the PBOC said.