Jack Ma’s Ant Team files for Hong Kong-Shanghai IPO

Jack Ma's Ant Group files for Hong Kong-Shanghai IPO

An personnel scans a brief response (QR) code displayed on the Ant Group’s Alipay app. Ant Team is planning for a twin initial public providing in Shanghai and Hong Kong.

Bloomberg | Bloomberg | Getty Photos

Ant Group, an affiliate of Alibaba, has supplied the initially seem at its financials ahead of its very-predicted first public offering (IPO), in a document filed on Tuesday.

The money know-how powerhouse, which is still managed by Alibaba founder Jack Ma, noted gain of 21.9 billion Chinese yuan ($3.2 billion) on overall revenues of 72.5 billion yuan in the 1st half of the yr, in accordance to the trade submitting.

Ant Team, formerly identified as Ant Economical, is setting up a concurrent listing on the Shanghai inventory exchange’s STAR market place — a Nasdaq-design and style tech board — and the Hong Kong stock exchange.

The corporation has not nevertheless disclosed aspects about the pricing of its shares. But 1 analyst previously instructed CNBC that its sector valuation could be north of $200 billion, making it more substantial than some of America’s biggest banks. 

Ant Team operates the well known Alipay cellular payments app in China which has around 900 million customers. But it features financial goods past that, including prosperity management, financial loans to corporations and insurance coverage. 

But not long ago, Ant has pivoted to target on what it calls technology providers — economic technological know-how solutions that it can market to organization customers for a licensing price.

This is breaking information. Be sure to check out back for updates.

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