Alibaba’s money man, the Ant group, which is essentially the Chinese giant’s fintech arm, has started the process of an Initial Public Offering on Monday, registering the offering on Shanghai’s STAR Market and the Hong Kong Stock exchange parallely.
As of now, there’s been no word on a possible valuation, the amount that has to be raised, the number of shares up for sale or just about anything. Industry experts claim that the Alipay parent company might be valued north of $200 billion, making it the most valuable fintech company in the world. The company was valued at $150 billion in a Series C funding round in June 2018, but it has made major headway since then, and warrants a couple hundred billion dollars worth of attention.
“The innovative measures implemented by the Shanghai STAR Market and the stock exchange of Hong Kong have opened the door for global investors to access leading-edge technology companies from the most dynamic economies in the world, and for those companies to have access to the capital markets,” said the company’s Executive Chairman Eric Jing, in a press release.
The company said that it aims to raise money to digitise China’s service sector, and expand its footprint in China (if that is ever possible) and globally. After the capital has been raised, Ant Group plans to make large wagers in the world of technology and innovation.
The group has revolutionized the way China transacts, especially with ‘Alipay’, which has become a major part of the Chinese economy. With this new IPO, the group’s position as the driver of a technological revolution in the country will be further solidified.
More to follow…