Ant Group (formerly Ant Financial) plans to execute concurrent listing on Shanghai Stock Exchange’s STAR market and The Stock Exchange of Hong Kong, according to a company release. The news of a pending initial public offering (IPO) was previously reported as word of the listing was leaked in the press. Estimates peg the valuation of Ant Group at around $200 billion potentially making it one of the largest Fintechs to ever go public.
Ant Group is approximately 1/3 owned by Megatech Alibaba (NYSE:BABA). Confirmation of an IPO drove shares in Alibaba higher in pre-market trading.
Ant Group is the parent company of Alipay, the largest mobile payments platform in China and a top Fintech. The initial public offering (IPO) is anticipated to accelerate its goal of digitizing 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 SSE STAR market and the SEHK 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,” commented Eric Jing, Executive Chairman of Ant Group.
Ant Group states that it aims to create the infrastructure and platform to support the digital transformation of the service industry. The company claims that it strives to enable all consumers and small businesses to have equal access to financial and other services that are inclusive, green, and sustainable.
“Becoming a public company will enhance transparency to our stakeholders, including customers, business partners, employees, shareholders and regulators. Through our commitment to serving the under-served, we make it possible for the whole of society to share our growth,” added Jing.
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