Alibaba’s revenue in the 12 months ending March will rise 55% to 56%, up from a range of 49 to 53% previously. Photo: ReutersHong Kong: Alibaba Group Holding Ltd. raised its annual sales forecast and agreed to buy a 33% stake in its financial services affiliate. Alibaba will buy new shares in Ant Financial in exchange for certain intellectual property rights with the companies to terminate a current profit-sharing arrangement. The e-commerce giant’s revenue growth has been underpinned by Chinese consumer strength and investments to link its business to traditional retailers. Ant Financial, known formally as Zhejiang Ant Small & Micro Financial Services Group Co., operates the Alipay payments system.

Source: Mint February 01, 2018 12:22 UTC