(MENAFN) Chinese e-commerce giant Alibaba Group launched a new subsidiary to oversee its existing financial services entities and tap more deeply into the beneficial financial market, Xinhua reported.
Ant Financial Services Group will target small and micro-sized companies and individual consumers, as Alibaba continues its expansion drive following its stunning New York IPO on Sept. 19.
The six entities under Ant Financial Services Group include Alipay, Alipay Wallet, Yu'e Bao, Zhaocaibao, micro-loan provider Ant Micro and MYBank, the Chinese giant said.
Company employees will hold a 40 percent stake of Ant Group. The company will be able to issue 33 percent of its shares to Alibaba in the future and the remaining 27 percent will be used to attract investors.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.