Alipay Operator Ant Group to Pursue Simultaneous IPO on Shanghai and Hong Kong Exchanges

[Image source=AP Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Ant Group, the financial company of China's Alibaba Group, announced on the 20th that it plans to conduct a simultaneous initial public offering (IPO) on the Shanghai and Hong Kong stock exchanges, according to Bloomberg and other reports. The company's valuation is expected to reach $200 billion (approximately 240.5 trillion KRW), leading the market to already predict it will be one of the 'mega IPOs.'

According to reports, Ant Group has decided to list simultaneously on the Science and Technology Innovation Board (STAR Market) of the Shanghai Stock Exchange (SSE) and the Hong Kong Stock Exchange. Ant Group is a core financial company of Alibaba Group, operating Alipay among other services. The number of Alipay users has surpassed 1.2 billion.

Through a press release, Ant Group stated that the listing will accelerate the goal of digitalizing the service industry within China. The company did not disclose specific details such as the IPO size or schedule. Eric Jing, CEO of Ant Group, said, "The listing of Ant Group will contribute to the development of the Hong Kong stock market and the Shanghai STAR Market."

Bloomberg reported that Ant Group is already valued higher than Wall Street financial firms, and according to a source, if conditions are favorable, it could surpass the $29 billion raised during the IPO of Saudi Arabia's state-owned oil company Aramco in December last year. According to Alibaba, Ant Group was previously valued at around $150 billion during its investment rounds and recorded $2 billion in revenue in the fourth quarter of last year, Bloomberg added.

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