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Billionaire Jack Ma’s Ant Group warned that rising U.S.-China trade tensions threaten its business as it gears up for an initial public offering that could give it a valuation as big as Bank of America Corp.

The Chinese e-commerce and fintech giant highlighted the geopolitical tensions in its filings for a dual IPO in Hong Kong and Shanghai late Tuesday, citing possible U.S. export controls and trade sanctions as key expansion risks.

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