By Gina Lee
Investing.com – Ant Group, Chinese e-commerce giant Alibaba The mobile payment unit of the NYSE 🙂 Group (HK 🙂 is planning a simultaneous double listing on the Hong Kong Stock Exchange (HKSE) and on the STAR Board of Shanghai.
Ant Group is targeting a valuation of over $ 200 billion, which could result in more than Saudi Aramco's blockbuster IPO of $ 29 billion in 2019. China International Capital Corp., Citigroup (NYSE :), JPMorgan Chase (NYSE 🙂 and Morgan Stanley (NYSE 🙂 will advise Ant Group on its offer in Hong Kong, which aims to raise approximately $ 10 billion.
The Ant Group is best known for Alipay, their mobile payment platform that was spun off from Alibaba in 2010. It also offers services ranging from loans to travel to the delivery of food. The company has partnered with Indian and Thai digital payment providers to expand its reach in Asia.
The company is following in the footsteps of other Chinese companies such as NetEase (NASDAQ 🙂 Inc and JD (NASDAQ :). Com, both of which completed secondary listings at the HKSE in June.
The parent company Alibaba closed its own HKSE secondary listing in November 2019 and raised $ 12.9 billion on the city's largest IPO of the year.
Hong Kong's Alibaba shares rose 6.59% to HK $ 255.40 ($ 32.9431) by 00:48 a.m.ET (05:48 a.m.GMT).
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