26 April 2016, Zhejiang Ant Small & Micro Financial Services Group Co., Ltd. (Ant Financial) announced its completion of series B round of US$4.5 billion fund raising transaction, which is the largest single private placement fund raising transaction so far in the Internet industry on a global basis. It is a landmark transaction to Ant Financial as well as to China’s Internet finance industry. This also shows the leading position of the Chinese model represented by Ant Financial in the global Internet finance industry.

Ant Financial is an Internet finance enterprise offering financial services to small and micro businesses as well as individual consumers. Its businesses cover several key areas including those of Alipay and Yuebao. This new round of financing involves new strategic investors including investment groups led by China Investment Corporation (CIC) Capital and China Construction Bank (CCB) Trust (a subsidiary of CCB), while a number of insurance companies including China Life Insurance, China Post Group (the parent company of Postal Savings Bank), China Development Bank Capital and Primavera Capital Group that had invested in the last round continue to invest in this round.

King & Wood Mallesons (KWM) acted as the legal counsel for Ant Financial, assisting the latter in a wide range of matters in connection with this round of financing. The KWM legal team was led by partners Yang Xiaolei, Tang Yingmao and Su Zheng, and supported by associates Jiang Zhihui, Shao Xueqi, Cong Qunji, Zu Chuyu and Li Huan.

Partner Yang Xiaolei commented, “We advised Ant Financial in its first round of fund raising last year, and we are happy to assist Ant Financial again in this remarkable financing project. Ant Financial is one of our key clients with long term relationship. In the highly dynamic and innovative Internet finance industry, KWM lawyers are dedicated to carry out the same high spirit of innovation while to maintain our traditional professionalism. We work closely with leaders in the industry, and we help them achieve their business goals.  Both our clients and KWM have benefited enormously from this cooperation. ”