Jack Ma’s Ant Group Fintech Firm Seeks Dual Listing Of IPOs On Hong Kong And China Exchanges
Ant Group owns the popular mobile-payments network Alipay which has 900 million users in China
Ant Group, which owns the popular mobile-payments network Alipay
Alibaba currently owns about a 33% stake in Ant Group
Ant Group Co., a Chinese fintech company controlled by Alibaba (BABA) cofounder and billionaire Jack Ma is seeking to stage dual initial public offerings on the Shanghai and Hong Kong stock exchanges, thereby avoiding the New York bourses.
The company hopes to conduct the IPOs later this year and hopes to achieve a market valuation of $200 billion.
Ant Group, which owns the popular mobile-payments network Alipay, said it hopes the offerings will boost its growth both in China and abroad, while also accelerating “its goal of digitizing the service industry in China.”
Alipay has more than 900 million active users in China who use its app for online investing or to pay for groceries and utility bills.
Ant Group also has a large consumer lending unit, operates a private credit-scoring business and even manages one of the world’s largest money-market mutual funds.
In 2017 Ant Group attempted to purchase the U.S. money-transfer company MoneyGram International for $1.2 billion, but the transaction was nixed by a U.S. national-security panel.
In mid-2018, Ant Group was valued at $150 billion during a round of private fundraising from domestic and international investors.
Ant Group, a profitable firm, is domiciled in mainland China and will require the approval of Chinese regulators to list its shares in foreign markets.
The dual listing will occur amid a backdrop of rising tensions between Washington and Beijing, which has led to threats by U.S. lawmakers of delisting Chinese equities from American exchanges over accounting irregularities and lack of transparency. The U.S. has also criticized Beijing for its imposition of new security laws in Hong Kong.
A listing on Hong Kong will likely attract U.S. investors anyway since many U.S.-based money managers already hold Hong Kong-listed stocks.
https://www.ibtimes.com/jack-mas-ant-group-fintech-firm-seeks-dual-listing-ipos-hong-kong-china-exchanges-3014214
Reminder
Jack Ma receives honorable doctoral degree at Tel Aviv University in Israel
2018-05-04
http://www.xinhuanet.com/english/2018-05/04/c_137156341.htm