By Martin Mou
China's largest financial-technology company Ant Group has started the process of concurrent initial public offerings in Shanghai and Hong Kong.
Ant Group, an affiliate of e-commerce giant Alibaba Group Holding Ltd., said Monday that it plans to list on the Hong Kong stock exchange and the Shanghai Stock Exchange's STAR board, a Nasdaq-style venue for China's homegrown tech companies.
The listing will help the company drive domestic demand while better positioning it to develop global markets with partners, Ant Group said.
The company didn't specify the financial details or the timeline of the potential listing.
Created in 2014 after billionaire Jack Ma carved out Alibaba's Alipay payments network and assembled a suite of financial services around it, Ant Group was last valued at $150 billion when it raised $14 billion from private investors in a 2018 fundraising round. That makes it one of the world's most valuable startups.
Ant Group, which operates China's largest mobile-payments network Alipay, recently dropped "financial" from its name to highlight its role as a technology provider.
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