The U.S. State Department has submitted a proposal for the Trump administration to add China's Ant Group to a trade blacklist, according to two people familiar with the matter, before the financial technology firm is slated to go public. Ciara Lee reports
Business Insider reports that Jack Ma's Ant Group is looking to raise its funding target to $35 billion through its initial-public-offering. Ant is Alibaba's fintech arm and China's dominant mobile-payments service. Ant raised its valuation to $250 billion from $225 billion. Previously, the company expected to raise $30 billion. When Ant goes public, its listing will likely be the largest IPO in the world.