What happened: Jack Ma’s Ant Group Ant Group intends to file for dual listings in Hong Kong and Shanghai targeting a valuation of about $225 billion, a Bloomberg report said.
Ant Group is Alibaba Group Holding Ltd – ADR’s BABA fintech arm and one of China’s dominant mobile payments company and it intends to pull off one of the largest IPOs in recent history.
Why It’s Important: Ant Group is said to be one of the prized assets for the Alibaba founder. It reportedly made $1.3 billion in profit in the March quarter. The group has a huge subscriber base as it forays into everything from loans to food delivery and even provides travel services.
Back in July, the company revealed that they have initiated the process of a dual listing in Hong Kong and on Shanghai’s STAR market. According to Reuters, the company is being advised on a domestic listing by CICC and CSC Financial.
What Next: Experts believe that share sales can raise about $30 billion for the group and if it is successful, it can easily top Saudi Aramco’s $29.4 billion debut, according to a data compiled by Bloomberg. The report says, at a valuation of $225 billion, Ant Group would be bigger than Goldman Sachs GS and Morgan Stanley MS combined.
It is interesting to note that on Thursday Alibaba reported adjusted EPS of $2.14 billion on revenue of $21.76 billion. Both numbers topped analyst expectations of $2 and $21.3 billion, respectively.
Revenue for the quarter was up 34% from a year ago and now with the dual listing in the upcoming weeks, Jack Ma can boast of a very healthy portfolio.
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