Alibaba Fintech Arm Eyes Record IPO With Hong Kong-Shanghai Listing
Muhammad Irfan Published September 24, 2020 | 10:20 AM
Hong Kong, Sept 24 (UrduPoint / Pakistan Point News - 24th Sep, 2020 ) :The financial arm of Chinese e-commerce titan Alibaba is planning the biggest IPO in history, raising as much as $35 billion in a joint listing in Hong Kong and Shanghai, a report said Thursday.
And in a sign of Ant Group's confidence in the share sale, it will not seek cornerstone investors -- large institutions that agree to hold the stock for an extended time to provide confidence and stability in new listings.
The company is looking to raise the cash -- which would be far higher than the $29 billion chalked up by Saudi Aramco in December -- in a split float between the two Chinese cities, said Bloomberg news, citing unnamed sources. The plan values Ant Group at about $250 billion, it added.
The company runs Alipay, one of the two dominant online payment systems in China, where cash, cheques and credit cards have long been eclipsed by e-payment devices and apps.
After getting approval from the Shanghai Stock Exchange for a listing last week, the Hangzhou-based firm is now seeking to have a listing hearing with Hong Kong stock exchange as early as next week, with an eye on a debut in October.
In its filing in August, Ant said it will use the proceeds to expand cross-border payments and enhance its research-and-development capabilities.
The decision not to list in New York is a major loss for US markets and comes as Washington ramps up scrutiny of Chinese tech firms.
A number of high-profile Chinese firms -- especially those in tech -- have looked to Hong Kong as they shun New York over the tensions between Washington and Beijing.
It is also a shot in the arm for Hong Kong as fears mount over the potential fallout of Beijing's imposition of a new national security law on the city banning subversion and foreign interference.
In June, mainland e-commerce giant JD.com tech firm NetEase raised almost $7 billion between them in separate listings.
Related Topics
Recent Stories
Applications Open for 6th Cycle of Start-up Incubation under the National Expans ..
Join vivo's "Light it Up" Social Media Contest in Ramadan to Win vivo V30 5G
Pakistan v New Zealand T20I series: Tickets to go on sale from today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 29 March 2024
Today Gold Rate in Pakistan 29 March 2024
Journalists call for global action to end Gaza’s humanitarian crisis
CM for generating opportunities to bring direct int'l investment
Pakistan retains position in FTSE secondary emerging market
High Commissioner of Malaysia hosts Iftar dinner reception
NEPRA announces 2nd quarterly adjustment in power bills with Rs 1.68 cut per uni ..
Hoopo Inc. Collaborates with SAU to Install Solar-Powered RO Plant
04 killed in Spain as Storm Nelson looms
More Stories From Miscellaneous
-
Shaheed Jalil Andrabi remembered on his martyrdom anniversary
2 days ago -
Architectural grandeur of Mohabat Khan Mosque attracts visitors, archeology lovers
2 days ago -
Besant Hall cultural centre to hold programme in memory Pir Hassam din Rashdi
4 days ago -
USA beats Mexico 2-0 for CONCACAF Nations League title
4 days ago -
World urged to intervene for peace in Kashmir
5 days ago -
Undeterred resolve – only way to end economic woes
5 days ago
-
Organic Food: A booming trend in Khyber Pakhtunkhwa
5 days ago -
From Soil to Harvest: Use of modern technology vital for agricultural renaissance
5 days ago -
Spring season offers glimpse into GB's natural beauty, cultural heritage
5 days ago -
Nation to mark decades’ long journey of resilience through annals of history
7 days ago -
23rd March: A historic day reminds Muslims’ heroic struggle for Pakistan
7 days ago -
Measures urged to recharge depleting water table: Experts
7 days ago