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Chinese Ant Group wants to raise more than 30 billion on the stock market

2020-10-26T21:17:46.742Z


For the first time, the price of an introduction of this importance will not be played on Wall Street but in China.


"

The IPO of Ant Group will go down in history,

" says Jack Ma, the founder of Alibaba.

Its subsidiary Ant Group, an online payment giant known for its Alipay system, will very soon enter the Hong Kong Stock Exchange and the Shanghai stock exchange platform dedicated to technology stocks.

The final Shanghai share price will be announced on Monday.

The operation is expected to allow it to raise more than $ 30 billion in the two places, more than the $ 29.4 billion of Saudi oil giant Saudi Aramco, in December 2019.

Beyond the record amount, Jack Ma emphasizes that, for the first time, the price of an introduction of this importance would not be played on Wall Street, temple of global finance, but in China.

Beijing has been working for several years to have its technological flagships listed at home, with the ambition of making mainland China a major financial center.

In July 2019, the authorities launched the Star Market in Shanghai, which they dream of in Chinese Nasdaq, capable of supporting the comparison with the American technology index. The sovereign fund Government of Singapore Investment Corporation plans to invest more 'a billion dollars in Ant Group.

Temasek, another Singapore sovereign wealth fund, is also interested.

Ant Group has diversified into loans, wealth management, travel and other services.

It claims 700 million monthly active users of its Alipay system and an annual transaction volume exceeding 14.4 trillion euros in mainland China.

Unlike the New York Stock Exchange, which uses letters, stocks in Shanghai are identified by numbers.

Ant Financial chose the stock code 688.688, which the Chinese believe combines two of the numbers together symbolizing lasting prosperity and good fortune.

Source: lefigaro

All news articles on 2020-10-26

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