Daily Management Review

Alibaba's fintech division files IPO application on Hong Kong and Shanghai exchanges


Fintech company Ant Group, a division of Chinese internet company Alibaba, has applied for a simultaneous initial public offering (IPO) on the Hong Kong and Shanghai exchanges, according to documents listed on the Hong Kong stock exchange.

hinglish Notes via flickr
hinglish Notes via flickr
In the leaflet, the company did not disclose the size of the IPO, the timing of the placement and other key details.

At the same time, Reuters writes that "the company can raise up to $ 30 billion, it could become the largest global IPO in history."

Ant Group announced in late July that it had launched a simultaneous IPO process on the Hong Kong and Shanghai exchanges. Earlier in the month, the media reported that Ant Group was planning an IPO on the Hong Kong stock exchange this year, which could become one of the largest in the world in 2020. Ant Group was expected to sell between 5% and 10% of its shares in the course of the IPO and could receive a valuation of the entire company at over $ 200 billion. At the same time, in the last round of financing in 2018, the company was estimated at about $ 150 billion.

Ant Group, headquartered in the eastern Chinese city of Hangzhou, is 33% owned by the Alibaba Group and controlled by Alibaba founder Jack Ma. The company has a leading position in China in mobile payments, and also offers credit, insurance and asset management services through mobile applications.

In 2019, Chinese Alibaba held a secondary listing on the Hong Kong stock exchange, during which it raised $ 12.9 billion. Alibaba's listing on the Hong Kong stock exchange was the largest in the past year. In 2014, the company raised a record $ 25 billion after its initial public offering on the New York Stock Exchange.

source: reuters.com