Ant Financial Services Group owns Alipay, the largest processor of online and mobile payments in China. Alipay’s online marketplace clients include Taobao, Tmall, and Juhuasuan — the retail marketplaces of Alibaba, China’s top ecommerce company. Although it operates independently, Alipay is an affiliate of Alibaba. Every quarter, Ant Financial, which has been profitable for three years, pays Alibaba 37.5% of its pretax profits. That amounted to $195 million in the quarter ended December 31, 2015. Ant Financial has just received $4.50 billion in a private placement from China Construct...