Jack Ma’s Ant Group plans dual IPOs in Shanghai, HK
E-commerce giant Alibaba’s financial affiliate, the Ant Group, announced Monday that it was planning an initial public offering (IPO) in Hong Kong and Shanghai.
Ant is controlled by Jack Ma, the founder of Alibaba.
Sources say that the IPO is expected to be huge as the company was valued at $150 billion two years ago. The IPO offers some hope for embattled Hong Kong which is under a new national security law imposed by Beijing and is struggling with a second wave of Covid pandemic.
Though investors have been waiting for the listing for years, Ant, did not offer details on timing.
Although not as famous or financially rich as Alibaba, Ant has grown phenomenally as a provider of payments, investments and loans to Alibaba’s hundreds of millions of customers. The company grew out of Alibaba’s payment platform, Alipay.