April 10, 2018 / 3:11 PM / in 16 days

China's Ant ups fundraising target, valuation seen rising to $150 billion: sources

HONG KONG/SINGAPORE (Reuters) - China’s Ant Financial Services Group is in talks with investors to boost its fundraising target to at least $8 billion, which could see its valuation more than doubling to about $150 billion over the past two years, people with knowledge of the plan said.

The logo of Ant Financial Services Group, Alibaba's financial affiliate, is pictured at its headquarters in Hangzhou, Zhejiang province, China January 24, 2018. REUTERS/Shu Zhang/Files

Singapore state investor Temasek Holdings is likely to be the lead investor in the latest round of equity raising by the company, controlled by Alibaba Group Holding Ltd founder Jack Ma, three people said.

Reuters reported in February that Ant, owner of China’s top online payment platform Alipay, was planning to raise up to $5 billion that could value the online payments giant at more than $100 billion.

On Tuesday, the Wall Street Journal first reported that Ant was now planning to raise $9 billion in its next planned round of funding, potentially valuing the company at $150 billion.

Ant and Temasek declined to comment. Alibaba did not immediately respond to Reuters request for comment.

Reporting by Julie Zhu, Anshuman Daga and Sumeet Chatterjee; Editing by Mark Potter

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