Ant Group eyes blockbuster IPOs in Hong Kong and Shanghai

Ant Group, which operates the Alipay mobile payment platform for Chinese e-commerce giant Alibaba Group, has kicked off preparations for a concurrent listing of its shares on the Shanghai and Hong Kong stock exchanges.

It says that the move will help it “accelerate its goal of digitising the service industry in China and driving domestic demand, as well as position the company to develop global markets with partners and expand investment in technology and innovation”.

“The innovative measures implemented by the Shanghai Star Market and the stock exchange of Hong Kong have opened the doors for global investors to access leading edge technology companies from the most dynamic economies in the world and for those companies to have greater access to the capital markets. We are thrilled to have the opportunity to play a part in this development,” says Eric Jing, Executive Chairman at Ant Group.  

Media reports have stated that Ant Group is targeting a market valuation of more than US$200 billion in the upcoming listing, based on an initial sale quantity of between 5% and 10% of the firm’s total equity assets. This would make it the world’s most valuable FinTech company.

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