Alibaba-backed Ant Group to go public in Shanghai, Hong Kong

Updated: Jul 21, 2020

Ant Group, online payment of e-commerce giant Alibaba Group, announced plans Monday for an initial public stock offering that could become the world’s biggest since the coronavirus pandemic began.The company will list on the Shanghai Stock Exchange’s (SSE) STAR board and on the Hong Kong Stock Exchange.

Ant, valued at $150 billion after a 2018 private fundraising round, gave no indication how much money it hopes to raise in the joint offering in Hong Kong and Shanghai. But the offering would test investor willingness to look beyond the pandemic and worsening global economy.

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