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Ant Financial to issue 2B yuan of asset-backed securities

Ant Financial Services Group plans to issue 2 billion Chinese yuan of asset-backed securities.

The securities will be issued by an Ant Financial subsidiary and will be backed by loans extended to online retailers, the first of its kind in China.

Ant Financial is an affiliate of Alibaba Group Holding Ltd.

As of March 15, US$1 was equivalent to 6.32 Chinese yuan.