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Asia Venture Capital

Bankers Forced to Choose Between Alibaba or Tencent

Alibaba’s financial services arm Ant Financial, which is raising $10 billion in its current fundraising round that values it at $150 billion, has made banks sign agreements that prevent them from working for Tencent and its affiliates, the Financial Times reports. While this is an indication of the fierce rivalry between China’s two largest internet groups, it also shows how banks and investors are desperate to gain access to Ant Financial ahead of its potential IPO.  Some bankers expect Ant to go public as early as the first half of next year, expected to be one of the largest in history

Ant has also made investors participating in its current funding round sign similar agreements that prevent them from investing in Alibaba rivals such as Tencent and JD.com, The Wall Street Journal reported last month.

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