Alibaba

“Small is beautiful, small is powerful,” Ant Group says on its website.

Alibaba joins JD.com and Tencent to become an investor in the London-based company.

Tencent, which has backed Kuaishou since 2017, will be a cornerstone investor in the IPO.

Zhenkunhang has scored USD 315 million in its Series E round.

Jack Ma’s retirement marks a new era for the country’s innovators.

Ant Group’s shares will be ready for public trading in Shanghai and Hong Kong next week.

The move comes months after Alibaba announced a USD 1.5 billion investment plan to strengthen the AI and Internet-of-Things (AIoT) ecosystem around its smart speaker Tmall Genie.

Alibaba is subscribing for a fifth of the available Ant shares in the IPO, that could raise as much as USD 35 billion.