After years of waiting, one of the most valuable FInTech company Ant Financial Services Group, is finally gearing up to go public in both Shanghai and Hong Kong IPOs.
To go public trade
Ant Group, one of the huge Chinese tech firms, is launching their public shares on its own homeland stock markets. On Monday, the financial tech company revealed that they are releasing initial public offering to both Hong Kong stock exchange and Shanghai’s Nasdaq-like stock exchange STAR. No particular date of official public listing was announced, but plans for the process of a concurrent initial public offering in both HKSE and STAR has already begun.
Ant Financial poised for one of 2020’s biggest IPOs https://t.co/r8lWRZAqna
— Financial Times (@FT) July 20, 2020
CNN noted that this move completely snubbed Wall Street where Chinese companies are affected by tensions between the US and China.
Online wallet technology
Ant is an affiliate of another Chinese tech giant and e-commerce Alibaba. Ant is responsible for Alipay, the payment system used in Alibaba. The e-wallet of Alibaba is reported to have 1.3 billion users all over the world.
Ant is estimated to have been valued at an amount of $150 billion to $200 billion, but is not disclosed by the company.
Boosting Hong Kong market confidence
With this decision, Ant can now look forward to expand further, such as encouraging businesses from remote areas to use their payment service, and invest in new technologies among others, as per Tech Crunch. It also helps Hong Kong to recover from doubts against the autonomous region after China imposed new security law.
Executive chairman of Ant, Eric Jing, stated that these innovative measures allow investors from across the world to “access leading edge technology companies from the most dynamic economies in the world and for those companies to have greater access to the capital markets.”
