By Gina Lee
Investing.com – Ant Group, Chinese language e-commerce big Alibaba (NYSE:) Group (HK:)’s mobiles fee unit, is planning a simultaneous double-listing on the Hong Kong Inventory Trade (HKSE) and Shanghai’s STAR board.
Ant Group is searching for a valuation of over $200 billion, which may see it elevate greater than Saudi Aramco’s blockbuster $29 billion IPO in 2019. China Worldwide Capital Corp., Citigroup (NYSE:), JPMorgan Chase (NYSE:) and Morgan Stanley (NYSE:) will advise Ant Group on its Hong Kong providing, which alone goals to boost about $10 billion.
Ant Group is finest recognized for Alipay, its cell fee platform which was spun off from Alibaba in 2010. It additionally supplies companies from loans to journey and meals supply. The corporate has been working with Indian in addition to Thai digital fee suppliers to broaden its attain in Asia.
The corporate is following within the footsteps of different Chinese language firms, comparable to NetEase (NASDAQ:) Inc and JD (NASDAQ:).com, each of which accomplished secondary listings on the HKSE in June.
Dad or mum firm Alibaba accomplished its personal HKSE secondary itemizing in November 2019, elevating $12.9 billion within the metropolis’s greatest IPO of the 12 months.
Alibaba’s Hong Kong shares rose 6.59% to HK$255.40 ($32.9431) by 12:48 AM ET (5:48 AM GMT).
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