Jack Ma’s Ant Group is set to file for dual listings in Hong Kong and Shanghai, targeting about $225 million valuation, in one of the biggest public offerings. Ant Financial Services Group is an affiliate company of Ma’s Alibaba Group and is one the most valued assets.
The Hangzhou-based firm seeks to float its shares simultaneously on the Hong Kong stock exchange and the tech-focused Star board in Shanghai as soon as October, according to reports. The share sales could raise almost $30 million, more than the Suadi Armaco’s record deal of $29 million.
Ant Group brought in profits of $1.3 billion in the March quarter after its transformation into an online mall for everything offering loans, travel services to food delivery. Ant is valued more than most Wall Street firms, including Goldman Sachs and Morgan Stanley combined. “Despite abundant capital, it is not sure how investors would view Ant Group since there are a lot of tech stocks in the market,” said Pamela Chung, a Hong Kong-based managing director and head of IPO at consultancy Tricor Group.
Hong Kong Exchanges and Clearing Ltd. which has seen a rise in Chinese tech listings after relaxing rules, will see a boost with Ant’s IPO. Alibaba had returned with a $13 billion secondary listing in Hong Kong last year.
