Alibaba unit eyes $3.5bn in huge China IPO

The finance affiliate of Chinese e-commerce group Alibaba is understood to be planning a $3.5bn flotation on Shanghai’s main exchange in what could be China’s highest IPO valuation since 2010.

Zhejiang Ant Small & Micro Financial Services Group (Ant Financial) has been profitable for three years, enabling it to meet the listing requirements, and may begin the process as soon as this year, according to sources.

The owner of Alipay, China’s most popular payments system, prefers a dual listing with Hong Kong if it gets regulatory approval.