The firm is reportedly targeting a valuation of about $225B, based on an IPO of about $30B if markets are favorable, making it larger than some of America's biggest banks. Ant Group, which is still controlled by Alibaba founder Jack Ma, runs the popular Alipay mobile payments app in China which has over 900M users. It also offers other financial products and could use proceeds from the IPO to expand cross-border payments and enhance its research and development capabilities.
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