FILE PHOTO: Jack Ma, founder of Chinese e-commerce giant Alibaba, speaks during the launch of Alibaba's office in Kuala Lumpur, Malaysia June 18, 2018. REUTERS/Lai Seng Sin/File Photo
BILLIONAIRE Jack Ma’s Ant Group is poised to pull off what could be the biggest initial public offering ever by simultaneously listing in Hong Kong and Shanghai. It’s said to be gunning for a valuation of $225 billion, making it the world’s fourth-largest financial company.
A 2011 offshoot of Chinese giant Alibaba Group Holding Ltd., the firm has defined and dominates the Chinese payments market through its ubiquitous Alipay app. It also runs the giant Yu’ebao money market fund and the Huabei and Jiebei consumer lending units.
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