The scale of Chinese fintech dwarfs other localities. The numbers of users, how much money flows through the pipes, and its penetration within Chinese society are certainly impressive. So, when Ant Group, the payments and digital financial services firm behind Alipay and partly owned by Alibaba, files to go public, it’s fair to expect an fintech extravaganza.
What’s happening: Ant Group has filed an IPO for a dual listing in Shanghai and Hong Kong.
- The IPO is expected to raise $30 billion.
- Ant’s public offering will be the biggest of the year and possibly of all time.
- The fintech firm, which operates Alipay and used to be known as Ant Financial Services Group, is controlled by Alibaba founder Jack Ma.
- It is reported to be seeking a valuation anywhere between $200 billion and $300 billion. For context, that is richer than most global banks and is three to four times the size of Goldman Sachs’ equity value.
- Ant plans to issue 10% in new shares of its total capital, its IPO filing said
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