The Strategist

Chinese watchdog approves dual mega-listing of Ant Group


10/19/2020 - 06:54



The China Securities Regulatory Commission has approved plans for a dual listing of the financial and technology company Ant Group.



pixabay
pixabay
The listing could become the largest in the world, says South China Morning Post on Monday.

The company, which owns the payment platform Alipay, can attract up to $ 35 billion through the placement of shares on the stock exchanges in Hong Kong and Shanghai.

According to the newspaper’s sources, the operator of the Hong Kong Stock Exchange will consider an IPO application during the current day. Approval from the trading floor in Shanghai was received back in September.

Ant Group is based in Hangzhou, eastern China. It owns Alipay, China's largest online payment provider. In the first half of this year, its revenues amounted to 72.5 billion yuan ($10.5 billion), the profit reached 21.9 billion yuan (about $3.2 billion).

Observers estimate that the upcoming IPO could be the largest in history, surpassing the $29.4 billion IPO of Saudi Aramco ("Saudi Aramco") held in last December.

On 7 October, Bloomberg reported that the US Presidential Administration is considering restricting the payment systems of Ant Group the Internet giant Tencent for reasons of "national security risk".

source: scmp.com




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