Alibaba finance unit plans IPO on Shanghai: sources
Zhejiang Ant Small & Micro Financial Services Group Co meets listing requirements, may begin process this year
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Hong Kong
ALIBABA Group Holding Ltd's finance affiliate is planning an initial public offering (IPO) on Shanghai's main board in what could be China's highest IPO valuation since 2010, according to two people familiar with the matter.
Zhejiang Ant Small & Micro Financial Services Group Co has been profitable for three years, enabling it to meet listing requirements, and may begin the process as soon as this year, the sources said, requesting not to be named because the matter is private. The owner of Alipay - China's most popular payments system - prefers a dual listing with Hong Kong if it gets regulatory approval, the sources added.
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