Alibaba's Ant plans Hong Kong IPO, targets valuation over $200 billion
Jul 9, 2020
Ant Group, the fintech arm of Chinese e-commerce giant Alibaba, plans a Hong Kong float as soon as this year and targets a valuation of more than $200 billion, said two sources with knowledge of the matter.
The world’s most valuable tech “unicorn” had been looking to sell shares in Hong Kong and mainland China simultaneously, but is now leaning heavily towards the Asian financial hub first because it would probably face a smoother listing process, the sources and a third person with knowledge of the matter said.
It is looking at selling between 5% and 10% of its shares in an initial public offering, said one of the sources, in what would be one of the world’s biggest listings this year.
The company has been working with its advisers on the planned float in recent months, said the sources, who cautioned that details have yet to be finalized and are subject to change.
In response, Ant said the information about its IPO plans was incorrect. Alibaba did not immediately respond to a request for comment.
The sources sought anonymity as the information was private.
Ant, based in China’s eastern city of Hangzhou, is 33% owned by Alibaba Group Holding Ltd and is controlled by Alibaba founder Jack Ma.
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