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Alibaba quarterly revenue misses estimates, slowest growth in more than three years

Ant Financial Services Group, the finance arm of Chinese e-commerce giant Alibaba Group Holding Ltd, said on Monday it is looking to raise funds from investors ahead of a planned initial public offering, the second time in less than six months the company taps investors to finance its growth.

[BEIJING] Alibaba Group Holding Ltd's revenue for the three months ended June rose 28 per cent, missing analysts' estimates, with growth slowing to its lowest rate in more than three years.

China's biggest e-commerce company posted quarterly revenues of US$3.27 billion, below an expected US$3.39 billion, according to a Thomson Reuters SmartEstimate poll of 28 analysts.

The drop in revenue growth came as gross merchandise volume (GMV) - the total value of goods transacted across Alibaba's platforms - rose 34 per cent, also rising at its slowest pace in more than three years.