The Alipay digital payment service app operated by Ant Group, an affiliate of Alibaba Group Holding Ltd., is arranged for a photograph on a smartphone in Beijing, China, on Wednesday, Aug. 19, 2020. Photographer: Gilles Sabrie/Bloomberg
HONG KONG/BEIJING: Ant Group, the Chinese financial technology giant backed by Alibaba Group, gave the public a first look at its financial health on Tuesday when its filed for a dual listing in Hong Kong and Shanghai in what is potentially the world's largest IPO.
The company is targeting a more than $200 billion valuation in the dual listing, which would put it only behind Industrial and Commercial Bank of China (ICBC) and Ping An Insurance among financial-related firms in China and put it on par with global sector rivals like PayPal, which is valued at $237 billion.
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