Alibaba Subsidiary Ant Group Pursues Record-Breaking IPO in Hong Kong and Shanghai

Ant Group to Launch $30 Billion Fundraising
Expected to Surpass Aramco IPO Record
Simultaneous Listing on Shanghai Kechuang Bond and Hong Kong Stock Exchanges

[Asia Economy Reporter Naju-seok] Ant Group (formerly Ant Financial), China's largest payment platform, is planning a simultaneous listing on the Hong Kong and Shanghai stock exchanges.

According to Bloomberg on the 25th, Ant Group has applied for a simultaneous listing on the Shanghai Stock Exchange's STAR Market (Ke Chuang Ban), known as "China's Nasdaq," and the Hong Kong Stock Exchange. Ant Group is the fintech specialized financial subsidiary of Alibaba, China's largest e-commerce company.

Although the stock price and fundraising scale have not been disclosed, foreign media expect funds amounting to $30 billion (35.6 trillion KRW) to be raised. If this public offering proceeds, it will surpass the record of Saudi Arabia's state-owned oil company Aramco, which raised $25.6 billion in the largest initial public offering (IPO) to date.

It will also earn the title of the first company to be simultaneously listed on both the Shanghai STAR Market and the Hong Kong Stock Exchange. Foreign media reported that by attracting Ant Group's IPO, the Shanghai and Hong Kong exchanges can enhance their status as capital market hubs.

Among Alibaba Group's core affiliates, Ant Group operates not only as a payment company but also provides services ranging from loans to travel and food delivery. It is also a company equipped with big data based on extensive transaction information using Alipay.

Previously, Ant Group was valued at over $150 billion two years ago, with current evaluations estimating its value at $210 billion.

For the Hong Kong stock listing, Ant Group appointed China International Capital Corporation (CICC), Citigroup, JPMorgan Chase, and Morgan Stanley as lead underwriters. For the Shanghai stock listing, CICC and CSC Financial were selected as underwriters.

This content was produced with the assistance of AI translation services.