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Ant Group’s late-summer IPO filing drove home why the business -- backed by 711 million active users that spent $17 trillion through its platform -- is headed for potentially the world’s largest stock debut. Yet investors may do well to focus on the long-term threat to its core businesses from arch rival Tencent Holdings Ltd.
Ant is set to join the top echelon of global finance alongside Bank of America Corp., as it seeks to raise about $30 billion with a valuation of about $225 billion in Hong Kong and Shanghai, people familiar have said. Once the dust settles, the
