Alibaba Group, China's largest e-commerce company, has received an $8 billion loan from nine banks, The Wall Street Journal reported Thursday, citing people close to the matter.
The source said that Alibaba reached a loan agreement Tuesday with the banks, including Australia & New Zealand Banking Group Ltd, Credit Suisse Group AG, Citigroup Inc, Deutsche Bank AG, JP Morgan and HSBC Holdings PLC.
The fund is intended for refinancing existing debts and raising more capital. The banks are currently awaiting an initial public offering of the e-commerce giant, which may value the firm at tens of billions of dollars or more.
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