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Ant Group Is Set for One of the Biggest IPOs in 2020

  • Alibaba’s payments arm Ant Group, recently valued at $150 billion, has announced its long-awaited public offering with a dual listing in Shanghai and Hong Kong.
  • With 900 million annual users, Ant, which was created by Jack Ma, has developed into China’s largest mobile payments business.
  • The company did not have a timetable or state how much money it needs to raise for its listing. One individual close to Ant Group indicated the process had been in its early stages. A listing of only a small fraction of its shares will represent one of an Asian company’s largest IPOs.
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Alibaba’s payments arm Ant Group, recently valued at $150 billion, has announced its long-awaited public offering with a dual listing in Shanghai and Hong Kong.

With 900 million annual users, Ant, which was created by Jack Ma, has developed into China’s largest mobile payments business. However, it has also faced regulatory issues relating to its outsize involvement in the financial sector and its profitability.

The company did not have a timetable or state how much money it needs to raise for its listing. One individual close to Ant Group indicated the process had been in its early stages. A listing of only a small fraction of its shares will represent one of an Asian company’s largest IPOs.

“Becoming a public company will enhance transparency to our stakeholders, including customers, business partners, employees, shareholders, and regulators,” executive chairman Eric Jing said.

Ant said it will seek a dual listing both in Hong Kong and on the one-year-old Star Board of Shanghai, a technology-focused exchange that China hopes would challenge Nasdaq.

Since raising around $14 billion from investors including Temasek, General Atlantic, Warburg Pincus, and Baillie Gifford, the firm was last estimated at $150 billion in mid-2018.

Recently, the company has changed its name from Ant Financial to Ant Group, stressing repeatedly that it is a technology company rather than a financial one.

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