Ant Group sets IPO price

In this Friday, Oct. 23,2020, photo, an employee walks past a logo of the Ant Group at their office in Hong Kong. The world's largest fintech company, China's Ant Group, will try to raise nearly $35 billion in a massive public offering of stock that would shatter records. - AP

HONG KONG: Ant Group, the parent company of China’s leading mobile-payment business Alipay, announced its initial public offering (IPO) on the Hong Kong stock exchange (HKEX) starting yesterday, and plans to list its shares on Nov 5.

The company will offer over 1.67 billion shares at a price of 80 Hong Kong dollars apiece, and is set to raise around 132 billion Hong Kong dollars, according to its prospectus submitted to the HKEX.

The company will also be listed on the Shanghai Stock Exchange’s sci-tech innovation board, commonly known as the STAR market, on the same day as well, raising up to 132.2 billion yuan.

The “dual listing” in Hong Kong and Shanghai is expected to become the world’s biggest IPO.

“Our business is built on three major pillars: digital payments, digital finance, and digital daily life services.

“That is today, but we will continue to evolve with a focus on the future, ” said Eric Jing, executive chairman of the Ant Group.

According to the prospectus, Alipay has reached over one billion users, 80 million merchants, as well as 2,000 partner financial institutions worldwide.

In the 12 months ended June 30,2020, the total portfolio value transacted on the platform in the Chinese mainland reached 118 trillion yuan, while international TPV transacted reached 622 billion yuan. — Xinhua

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