June 8, 2018, Ant Small and Micro Financial Services Group Co., Ltd. (“Ant Financial”) announced that it has entered into definitive agreements with investors for its Series C equity financing totaling approximately US$14 billion. This financing round includes an RMB tranche raised by Ant Financial from domestic investors and a USD tranche raised from international investors by Ant International Co., Limited, a wholly owned offshore subsidiary of Ant Financial.
Ant Financial is a technology company that brings inclusive financial services to the world. Participants in the RMB tranche of the Series C equity financing are mainly existing shareholders of Ant Financial. Participants in the USD tranche are leading global institutional investors including GIC, Khazanah Nasional Berhad, Warburg Pincus, Canada Pension Plan Investment Board, Silver Lake, Temasek, General Atlantic, funds and accounts advised by T. Rowe Price Associates, Inc., The Carlyle Group, Janchor Partners, Discovery Capital Management, Baillie Gifford, and Primavera Capital. Funds raised will be used to accelerate Alipay's globalization plans and invest in developing technology to further enhance the company's ability, and cultivate high-tech talent in emerging markets to help local communities take advantage of the opportunities arising from digital transformation.
King & Wood Mallesons (KWM) acted as the legal counsel to Ant Financial and Ant International for both the RMB tranche and the USD tranche of this project, advising Ant Financial on a wide range of matters in connection with this round of financing including advising on the complicated and innovative transaction structure and drafting transaction documents. The KWM team was led by partners Tang Yingmao and Jiang Zhihui.
Before this round of financing, KWM also advised Ant Financial on its Series A equity financing and Series B equity financing.