Alibaba’s Ant Group files for IPO in Hong Kong & Shanghai
Shanghai, Aug 25th, 2020: The financial firm of Chinese e-commerce giant Alibaba led Ant Group filed for a dual listing in Hong Kong and Shanghai.
This could be one of the largest IPO since the Covid19 pandemic began in China.
Ant Group operates Alipay, one of China's leading online payment services. The IPO will be the first dual listing on the Hong Kong exchange and Shanghai's STAR Market.
However, the company's filing did not disclose the timetable for IPO and how much money they are looking to raise.
Over a billion users use Alipay to pay for purchases both online and in stores, to send money to friends, and to pay bills. In 12 months that ended in June, Ant Group tallied USD 17 trillion in transaction volume.
In the filing, Ant Group said it plans to use the funds raise...