Alibaba's financial services spinoff plans to float concurrently in Shanghai and Hong Kong, with China Life and China Post among the investors in line for exits.

China-based e-commerce firm Alibaba‚Äôs financial services affiliate, Ant Group, has begun preparing initial public offerings in Hong Kong and Shanghai, it said yesterday. Also known as Ant Financial, Ant Group runs mobile payment platform Alipay in addition to subsidiaries in areas such as wealth management, online lending, insurance and credit scoring. The company is planning…

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