News Snapshot:
Chinese fintech Ant sidelines banks in distribution of funds targeting its IPO Friday, 25 Sep 2020 07:28 PM MYT 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 pic SHANGHAI, Sept 25 — As five Chinese mutual funds targeting Ant Group’s hotly-anticipated IPO kicked off subscriptions today, retail investors found the only non-direct channel through which to buy the products was online payment platform Alipay. Alipay is controlled by the Chinese fintech giant itself, so the unprecedented arrangement, which sidelines banks and brokerages, highlights...
