Ant Group, a Chinese upstart that sprung from Alibaba on Monday, announced its intentions to list on the Hong Kong Stock Exchange and China’s Science and Technology Innovation Board.
Although the exact time or size of the listings have yet to be revealed, the company plans to use IPOs to quicken its plans to digitize the service industry in China.
In 2018, the company which operates Alipay, digits wallet, and extraordinary financial app valued at $150 billion.
It’s been reported that the IPO could raise its valuation to as high as $200 billion which would make it worth as bank of America and at six years old, one of the most valued financial service firms in the world.
Thirty-three per cent owned by Alibaba and with Jack Ma at the wheels, Ant is an advantage for the capital markets of Hong Kong and China.