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Ant Group, owner of popular mobile wallet Alipay, plans to allocate 40 percent of the 48 billion yuan (.95 billion) it plans to raise from its initial public offering in the STAR Market, China's version of Nasdaq, on innovation and technology-related investments, it said in a regulatory filing on Tuesday.

Animation and toy maker Alpha rapidly expands its overseas footprint

Another goal of the plan is to improve the quality of service in China's HR industry and make it more market-oriented and competitive in the international market, so it can serve national strategies such as the Belt and Road Initiative and the coordinated development of the Beijing, Tianjin, Hebei province region.

Apart from enlarging market channels related to the BRI, the imports and exports of private companies soared 11.2 percent year-on-year to 8.49 trillion yuan between January and August, accounting for 42.2 percent of the total value of China's foreign trade, about 7.6 percentage points higher than the overall growth rate of China's foreign trade in the same period, according to the GAC data.

Another 16 were accused of illegally absorbing public deposits, the court said.