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http://www.bloomberg.com/news/2014-...d-to-plan-shanghai-relocation.html?cmpid=yhoo
By Lulu Yilun Chen Oct 7, 2014 11:06 PM ET
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Alipay, the Alibaba Group Holding Ltd. (BABA) financial affiliate controlled by Jack Ma, is planning to relocate to Shanghai’s financial district in Lujiazui, according to a person with direct knowledge of the move.
Alipay is moving from Hangzhou to make it easier to do business in Shanghai, the person said, asking not to be identified as the matter is private. Several other units under Alibaba’s finance arm, Zhejiang Ant Small & Micro Financial Services Group Co., are already located in Shanghai and the person didn’t specify when the relocation would be complete.
Zhejiang Ant received approval last month to jointly set up a bank and aims to create a marketplace for 1 trillion yuan ($163 billion) of loans in as soon as two years. The finance arm is controlled by billionaire Ma and owns a small-business lender, a money-market fund known as Yu’E Bao, and the Paypal-like service called Alipay.
Alibaba Spokeswoman Teresa Li said that she was unaware of the relocation, without commenting further.
Alibaba, China’s biggest e-commerce operator, is based in Hangzhou, a city of 8.8 million people about 100 miles southwest of Shanghai. The company last month completed the biggest ever initial public offering.
Alibaba will get at least $9.4 billion from the future value of its finance affiliate if the unit goes for an initial public offering after striking a new deal with the payment processor, the company said in its pre-IPO filings
To contact the reporter on this story: Lulu Yilun Chen in Hong Kong at ychen447@bloomberg.net
To contact the editors responsible for this story: Michael Tighe at mtighe4@bloomberg.net Robert Fenner, Aaron Clark
By Lulu Yilun Chen Oct 7, 2014 11:06 PM ET
0 Comments Email Print
Alipay, the Alibaba Group Holding Ltd. (BABA) financial affiliate controlled by Jack Ma, is planning to relocate to Shanghai’s financial district in Lujiazui, according to a person with direct knowledge of the move.
Alipay is moving from Hangzhou to make it easier to do business in Shanghai, the person said, asking not to be identified as the matter is private. Several other units under Alibaba’s finance arm, Zhejiang Ant Small & Micro Financial Services Group Co., are already located in Shanghai and the person didn’t specify when the relocation would be complete.
Zhejiang Ant received approval last month to jointly set up a bank and aims to create a marketplace for 1 trillion yuan ($163 billion) of loans in as soon as two years. The finance arm is controlled by billionaire Ma and owns a small-business lender, a money-market fund known as Yu’E Bao, and the Paypal-like service called Alipay.
Alibaba Spokeswoman Teresa Li said that she was unaware of the relocation, without commenting further.
Alibaba, China’s biggest e-commerce operator, is based in Hangzhou, a city of 8.8 million people about 100 miles southwest of Shanghai. The company last month completed the biggest ever initial public offering.
Alibaba will get at least $9.4 billion from the future value of its finance affiliate if the unit goes for an initial public offering after striking a new deal with the payment processor, the company said in its pre-IPO filings
To contact the reporter on this story: Lulu Yilun Chen in Hong Kong at ychen447@bloomberg.net
To contact the editors responsible for this story: Michael Tighe at mtighe4@bloomberg.net Robert Fenner, Aaron Clark
