Ant Group Files for IPO in Hong Kong & Shanghai, to Raise $30 Billion at $225 Billion Market Value

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Ant Group Files for IPO in Hong Kong & Shanghai, to Raise $30 Billion at $225 Billion Market Value

28th August 2020 | Hong Kong

Ant Group, the largest online financial services in China, has filed for IPO in Hong Kong and Shanghai on 25th August 2020, targeting to raise $30 billion at around $225 billion market valuation.  The IPO will be a dual-listing on Hong Kong Exchange Hong Kong Exchanges and Clearing (HKEX) – H-Shares and Shanghai Stock Exchange – A-Shares.

Hong Kong Exchanges and Clearing (HKEX) is referred as Hong Kong Exchange or HKEX in this article

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” Ant Group Files for IPO in Hong Kong and Shanghai at $225 Billion Market Value :

Ant Group

In 2004, Alipay was created by Alibaba, one of the largest technology and e-commerce company in China and the world, to facilitate payment for online transactions between buyers and sellers via a trusted service (escrow).

In 2011, Alipay was spinoff from Alibaba.  The spinoff company is called Ant, because the company believe “small is beautiful and small is powerful.”  In 2014, the parent company of Alipay was renamed as Ant Financial.  In 2020, it is renamed to Ant Group.

Today, Ant Group is the leading digital payments provider and leading digital finance platform for credit, investments and insurance in China.  Today, Alipay has over 1 billion users and 80 million merchants.  In 2019, Ant Group reported revenue of $17.5 billion (CNY 120.6 billion and net profit of $2.6 billion (CNY $18 billion).

Ant Group Businesses

• Payment & Services: Digital Payment & Daily Life Services
• Digital Finance Services: Credit, Investment, Insurance

Key Milestones

• 2004: Alipay – first online escrow service launched
• 2009: Alipay mobile payment launched
• 2010: Online insurance product launched
• 2013: Yu’ebao (Money Market Fund)
• 2014: Huabei – (unsecured digital consumer credit loan)
• 2014: Parent company named as Ant Financial
• 2020: Renamed to Ant Group

Ant Group IPO

The IPO filing made was made on 25th August 2020.  At least 10% new shares will be issued with a target to raise $30 billion at around $225 billion market valuation.  The IPO will be a dual-listing on Hong Kong Exchange (H-Shares) and Shanghai Stock Exchange (A-Shares).

The underwriters for Hong Kong listing are Citi, JP Morgan, Morgan Stanley and China International Capital Corporation (CICC).  The underwriters for the Shanghai listing are CICC and CSC Financial Co.  Ampere Partners is the financial advisor to Ant Group.

Ant Group IPO:

• Filing made on 25th August 2020
• Listing on Hong Kong and Shanghai Stock Exchange
• Target to Raise $30 billion via new shares (10% to 15%)
• Estimated market valuation around $225 billion

The Shareholders

Jack Ma, the lead founder of Alibaba which created Ant Group, is the ultimate controller of Ant.  Jack Ma (age 55) has an estimated fortune of more than $50 billion.

The largest shareholder of Ant Group:

Alibaba Group

Alibaba Group was founded in 1999 by 18 founders led by Jack Ma.  Today, it is one of the largest technology and e-commerce company in China and the world.

Alibaba went public-listed in 2014 on New York Stock Exchange.  Today, Alibaba has a market capitalization of $796 billion (28/8/20).  In 2019, Alibaba completed a secondary listing on Hong Kong Stock Exchange and has a market capitalization of HKD 5.94 trillion or $770 billion (28/8/20).

Hang Zhou

Alibaba Group was founded in 1999 and headquartered in Hangzhou.  Hangzhou is the capital and most populous city of Zhejiang province in China.  Hangzhou is also one of the top 10 cities by GDP in China: Shanghai, Beijing, Shenzhen, Guangzhou, Chongqing, Suzhou, Wuhan, Chengdu, Hangzhou and Tianjin.

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