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Sunday, September 27, 2020

Alibaba’s Ant Group files for blockbuster dual listing in Hong Kong, Shanghai

Ant's initial public offering would be the first simultaneous listing in Hong Kong and the year-old STAR Market, and help both bourses boost their status as capital market centres.

By: Reuters | Hong Kong | August 25, 2020 3:13:19 pm
A sign for digital payment service Ant Financial's Alipay, an affiliate of Alibaba Group Holding Ltd., and a QR code is displayed at a store in Hong Kong, China, on Tuesday, July 21, 2020. (Photographer: Lam Yik/Bloomberg)

Ant Group, Alibaba’s fintech arm and China’s dominant mobile payments firm, on Tuesday filed for a dual listing in Hong Kong and on Shanghai’s Nasdaq-style STAR Market which could raise as much as $30 billion and become the world’s largest IPO ever.

Ant’s initial public offering would be the first simultaneous listing in Hong Kong and the year-old STAR Market, and help both bourses boost their status as capital market centres.

Ant, already the world’s most valuable unicorn – or billion-dollar unlisted tech firm – did not disclose the size, timetable or other key details of the offering in its preliminary prospectus.

Ant did not immediately respond to a request for comment on its IPO details.

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