Chinese PE firm accused of selling Ant Group stake to chairman’s siblings

Chinese PE firm accused of selling Ant Group stake to chairman’s siblings

Photographer: Anthony Kwan/Bloomberg

With Ant Group Co. Ltd. readying what is expected to be the largest IPO ever, a Chinese private equity firm has been accused of cheating a group of investors out of possibly millions of dollars by selling their stake in the fintech superstar to its chairman’s brother and sister at a well-below-market price.

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