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HomeAll newsMost read newsBusiness Leaders Biography
Birthday : 10/31/1964
Place of birth : Hangzhou (Province de Zhejiang) - China
Biography : Jack Ma is the CEO of Alibaba Group, the Chinese leader in e-commerce with counts five companies...

Jack Ma's Ant Group Plans Concurrent Listings in Shanghai, Hong Kong

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07/20/2020 | 05:49am EDT

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.

 

Write to Martin Mou at martin.mou@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING -0.58% 253.72 Delayed Quote.20.32%
NASDAQ COMP. 0.27% 11042.504225 Delayed Quote.22.73%
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