(Ecofin Agency) – A small page in the history of the Stock Exchange is being written in China. Fintech giant Ant Group has obtained the green light from the Financial Markets Regulatory Commission to be listed in Hong Kong.
This is the home stretch for this Alibaba subsidiary and owner of the AliPay payment solution, which wants to launch simultaneously on the Hong Kong and Shanghai markets, with an initial public offering of up to $ 35 billion.
This sizeable start-up would be by far the largest initial public offering (IPO) in history, ahead of that of the oil company Saudi Aramco (with a record $ 29.4 billion last December).
Home straight for Ant Financial’s giant IPO https://t.co/XQCjvwV09A
– Les Echos (@LesEchos) October 20, 2020
The company is thus preparing to sell more than 1.6 billion shares on each market (Hong Kong and Shanghai), representing some 11% of its enlarged share capital, aiming for a valuation of at least 250 billion. $ (Reuters).
It must be said that this Chinese PayPal has good health and something to attract investors. This year, for example, it reported operating income of $ 17.78 billion for the first nine months, up 42.6% from the previous year. Its net profit is also on an upward slope, boosting growing online shopping (due to the coronavirus). And already, another Alibaba subsidiary would be in pole position to buy 730 million shares, according to Ant.
Moreover, this stock exchange listing could allow the Hangzhou-based company to overtake some of the biggest banks in the world, and even giants like Goldman Sachs. A beautiful irony, for the company which maintains its image as a tool of ” little people With a ubiquitous digital payment service in China, used by tens of millions of consumers.
Ayi Renaud Dossavi