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July 21, 2020

Ant Group starts preparations to list in Hong Kong, Shanghai

Ant Group, the fintech unit of China’s Alibaba Group Holding, has started preparations to go public by initiating the process of dual listing in Hong Kong and Shanghai.

The company, which operates the payment platform Alipay, will go for a concurrent listing on the Hong Kong Stock Exchange and Shanghai Stock Exchange’s Nasdaq-style Star Market.

However, Alibaba did not divulge the size, the schedule and other details of the offering.

The move comes after Reuters reported earlier this month that Alibaba is seeking a Hong Kong listing aiming a valuation of more than $200bn.

The fintech firm was valued at around $150bn in 2018 when it conducted its last funding round.

Ant Group executive chairman Eric Jing was quoted by the news agency as saying: “The innovative measures implemented by SSE STAR market and the SEHK (Stock Exchange of Hong Kong) have opened the doors for global investors to access leading edge technology companies from the most dynamic economies in the world and for those companies to have greater access to the capital markets.”

Ant focus on providing financial services including loans, payments, insurance and asset management.

Recently, the company ramped up efforts to expand beyond financial services to enable food delivery and hotel bookings.

In April, Alipay launched a range of initiatives to support small merchants in Wuhan affected by the Covid-19 pandemic.

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