Alibaba Overhauls Pact With Alipay Parent, Sells SME Loan Business
Alibaba overhauled its pact with the parent of its payments affiliate Alipay, boosting the Chinese e-commerce giant’s potential gain if Alipay is sold or goes public. The Chinese e-commerce giant, which is set to go public in New York later this year, also agreed to sell its small and medium enterprise loan business for $518 million cash to Alipay’s parent company, called the Small and Micro Financial Services Company.
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