The group, which also raised its forecast for the year ahead, will take a 33 percent stake in payment affiliate Ant Financial, an important step ahead of an expected initial public offering (IPO) by Ant, valued at $60 billion in 2016.
"This is no secret, everybody knows that Ant Financial will IPO, and (buying the stake) is just something they had to do before that happens," Beijing-based analyst Li Chengdong said.
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