Jack Ma Loses $1.4 Billion as Alibaba Stock Drops

A higher valuation for Alibaba Group Holding Ltd.’s finance affiliate ahead of a stock sale will yield 12 new billionaires, including the e-commerce giant’s Chief Executive Officer Jonathan Lu and Chief Risk Officer Shao Xiaofeng.

Zhejiang Ant Small & Micro Financial Services Group Co., which owns payments processor Alipay, is valued at about $50 billion, according to people familiar with the matter. Ant Financial is weighing a private placement before going public in 2016, and details of the planned fundraising aren’t finalized, said the people, who asked not to be identified because the discussions are private.