Billionaire Jack Ma's Ant Group is working on an IPO from Hong Kong and Shanghai markets at a valuation of $ 200 billion. It plans to introduce China as a leader in the Internet market. It is also expected to break Saudi Aramco's record of $ 29 billion IPO.
Listing Preparation on Hong Kong and Shanghai Stock Exchange
The father of China's largest mobile payment company will do two listings simultaneously on the StarBoard of the Hong Kong and Shanghai Stock Exchange. The Hangzhou-based firm said it was the biggest such start in recent years. The Ants are already richer than a large-scale Wall Street firm. If conditions are right, it could raise more money than Saudi Aramco's record $ 29 billion IPO.
Business has been diversified
The head of the Alibaba empire has now joined the business of distributing food from loans and travel services. Now the group is developing rapidly in online malls. Anto CEO Simon Hu has said that Ali Pay has become the world's largest e-commerce platform, not just a payment gateway and financial service provider.
Digital payments in India and Thailand
One of its functions now is to develop its reach in Asia, where it is working with digital payments in India and Thailand. It is also advancing its expertise in fund management and risk control. Alibaba's stock rose 3.1 percent on Tuesday in New York. This is a record since the 2014 IPO. People familiar with the matter said Ant had selected China International Capital Corp, Citigroup Inc., JP Morgan Chase & Co., and Morgan Stanley as bankers for its Hong Kong offering. It can raise 10 billion dollars.
Many Chinese Internet firms have done two listings.
Alibaba is China's new big company ready for listing. Due to this, the capital market of New York was also not as important. Semi-Conductor Manufacturing International Corp raised $ 7.5 billion from share sales in July. Some Chinese Internet firms, including JD.com Inc. and NetEase Inc., have also made a second listing in Hong Kong this year. Pamela Chung, head of IPO at Hong Kong-based consultancy Tricor Group, said despite the huge amount of capital, it is not sure how investors will look at Ant Group as the market has a lot of tech stocks.
The last valuation of the end was $ 150 billion.
Dual listings were previously the preferred route for banks, oil and gas producers. But now circumstances have changed due to the complexities involved in the share sale. Ant's decision is a win for Shanghai's starboard. Dual listing also helps Hong Kong Exchange & Clearing Limited. Alibaba Group Holding Limited is also included. Alibaba's filings showed that Ant's last valuation was $ 150 billion. It made a profit of $ 2 billion in the fourth quarter.
The Ant stopped the expansion plan in America
Like Alibaba, Ant has banned its expansion into the US. Because tensions between the US and China have increased. Jack Ma said in 2018 that his promise to create 1 million jobs in the US was impossible to fulfill due to tensions between the two superpowers. Instead, Ant has focused its offshore ambitions on building its presence in the rest of Asia. It is working with nine payment startups including owners of Paytm in India and Zee Cash in the Philippines.
Ant is now expanding into consumer and IT services
It is expanding into consumer and IT services. Its IT solutions include services in cloud computing, artificial intelligence, blockchain, and risk control. The purpose of the Ant is to help customers take loans by banks. Partnering with brands such as KFC Holding Company and Marriott International Inc. to attract customers.
Mobile payment Ali Pay's share steadily increased
Ant's CEO Simon Hu is betting that all those strategies will help the Ant to establish its monopoly in China's $ 29 trillion market. According to research consultant Eye Research, the share of mobile payments Ali Pay has increased for three consecutive quarters. It increased to 55.1% in the fourth quarter. Tencent has a market share of 38.9%.
Disputes have been associated since inception
Ant changed its name from Ant Financial Services Group to Ant Group Company at the end of May. Ant said that it has had a deep connection with controversies since its inception. In 2010, Jack Ma closed Ali Pay to Alibaba after shareholders' objections, including Yahoo Inc., citing possible regulations. Jack Ma said that this could curb foreign ownership of financial businesses.
Alibaba bought 33 percent stake in Ant
Ali Pay later expanded into loans, fund management, and consumer credit. It is now known as the Ant Group. Alibaba eventually overcame the controversy last year by purchasing a 33 percent stake in Ant. With Ant's IPO, shareholders are now looking at Alibaba's business differently.
After the arrest of former Maharashtra Home Minister Anil Deshmukh, now another central agency se
In the 2020 IPL, Rahul Tewatia's bat, who came into the limelight by hitting five consecutive six
The maths of figures is being played with our breath once again amid a formidable corona in the c
A Pakistani court on Friday granted bail to an accused of vandalizing the statue of Maharaja Ranj
IND vs AUS: Chase has never been more than 250 targets in Gaba, know what the figures say
Australia vs India 4th Test: On the fourth day of the fourth Test match being played at the Gaba
Voting is being held at all polling stations for Delhi Vidhan Sabha Chunav 2025 from the schedule
With which actress Salman Khan was going to marry, even the wedding cards were divided
Salman Khan is still one of the bachelors of the film industry, but to date, Salman Khan has not
Jr NTR and Janhvi Kapoor's film 'Devara: Part 1' is going to be released soon. The film will hit
New Zealand Earthquake: After Turkey and Syria, strong tremors of the earthquake have been felt i
30 people have died due to a landslide in the Ardhkumwari area of the Shri Mata Vaish
