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Social Security Fund takes stake in Ant

By China Daily ( China Daily ) Updated: 2015-06-19 07:38:03

Alibaba Group Holding Ltd's financial affiliate has received an investment from the National Social Security Fund, part of a private placement that values the unit at more than $40 billion.

Wang Zhongmin, vice-chairman of the National Council for the Social Security Fund, said on Thursday that the organization had taken a 5 percent stake in Zhejiang Ant Small and Micro Financial Services Group Co Ltd, owner of mobile payment platform Alipay.

Referring to the deal as a case of "an elephant falling in love with an ant", Wang said: "Seeing how online finance has boomed, we believe the market value of Internet financial institutions will more than double." He made the comment during an investment forum.

Social Security Fund takes stake in Ant

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