Chinese Ant Group applied for an IPO
Chinese billionaire Jack Ma’s company Ant Group applies for initial public offering
Billionaire businessman Jack Ma’s Ant Group has applied for an initial public offering in Hong Kong and Shanghai to finance its growth in the financial services industry and consolidate its position as China’s largest online payment platform.
In a statement released by Ant on Tuesday, it was stated that the income from the sale will be used to expand cross-border payment activities and increase research and development capability. In the statement, no figures were given regarding the price target range or the resource to be obtained through a public offering.
Alibaba’s leading company Ant aims to regain lost customers to Tencent Holdings Ltd. by accelerating its evolution into an online shopping center that includes everything from loans to travel services and food delivery.
The company, which has the data of billions of users obtained from the Alipay application, aims to spread widely in the financial services industry with technologies such as artificial intelligence, robot investment, and loan platforms.
The double listing of Ant’s largest public offering in years may also surpass Saudi Arabia’s record of $ 29 billion. The company is aiming for a valuation of $ 225 billion.