Pursuits
Jack Ma Reclaims Asia's Wealthiest Crown
This article is for subscribers only.
Alibaba Group Holding Ltd. Chairman Jack Ma regained his spot as Asia’s richest person with a higher valuation for the company’s finance affiliate ahead of a stock sale that also created a dozen new billionaires.
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, the people said last week, asking not to be identified because the discussions are private.