Ant mobile payments group will pursue a simultaneous dual listing in Hong Kong and in Shanghai
Hong Kong — Billionaire Jack Ma’s Ant Group is seeking a valuation of more than $200bn as it goes public in Hong Kong and Shanghai, people familiar with the matter said, kicking off a landmark coming-out party for China’s leader in internet finance.
The crown jewel of the sprawling Alibaba empire, Ant has been accelerating its evolution into an online mall for everything from loans and travel services to food delivery, in a bid to claw back shoppers lost to Tencent Holdings. “Despite abundant capital, it is not sure how investors would view Ant Group since there are a lot of tech stocks in the market,” said Pamela Chung, a Hong Kong-based MD and head of IPOs at consultancy Tricor Group.
Its technology solutions include services in cloud computing, artificial intelligence, blockchain and risk control. Ant aims to assist banks to dole out loans to consumers, and to partner with brands like KFC Holding and Marriott International to attract and manage customers.Hu is betting that those strategies will help Ant defend its dominance of China’s $29-trillion mobile payments space. Alipay’s share of mobile payments has increased for three consecutive quarters, rising to 55.
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