Ant Group Reveals Stake Owned by Primavera Capital Chairman’s Relatives

What’s new: Close relatives of Fred Hu, chairman of private equity firm Primavera Capital Group, hold a stake of no more than 1% in Ant Group Co. Ltd., the fintech giant said Monday in an exchange filing (link in Chinese).

Why does it matter: Primavera Capital has been accused of cheating a group of investors out of millions of dollars by selling their stake in Ant Group to Hu’s siblings on the cheap, sparking a debate over whether financial bigwigs can offload individual investors’ financial interests for their own personal gain.

What’s the background: Ant Group, the fast-growing fintech affiliate of e-commerce behemoth Alibaba Group Holding Ltd., is planning what is expected to be the world’s largest IPO ever, which will possibly create a group of new billionaires among employees and make a group of early investors even richer.

Quick Takes are condensed versions of China-related stories for fast news you can use.

Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)

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