Alibaba buys stake in Ant Financial

Deal to make payment company more appealing to investors ahead of IPO

Country's e-commerce behemoth, Alibaba Group Holding Ltd, announced to have purchased 33 percent stake in its payment arm, Ant Financial Services Group, which is reportedly a move aiming at clearing the way for an initial public offering.

The equity purchase was announced late on Thursday, as e-commerce giant Alibaba reported robust quarterly sales that shrugged off concerns amid a broader market slowdown.