Alibaba affiliate Ant Financial, which runs the Alipay payments service, is "closer to an initial public offering " but has yet to set a timetable despite reports of a listing in 2017, according to a person close to the situation.
Numerous reports across the media said Ant Financial's flotation has been pushed back from 2016 to 2017. However, the person close to the situation who asked to be kept anonymous because of the sensitivity of the situation said there had been no initial timeline in the first place as the company was waiting in a long line of firms for approval from Chinese regulators.
Ant Financial runs China's biggest payments service, Alipay, which has a total of 450 million active users and processes 170 million transactions per day.
The company is the world's second-most valuable private technology firm behind Uber after it raised $4.5 billion earlier this year valuing it at around $60 billion. Uber is currently valued at around $62.5 billion-$65 billion.