HONG KONG- Shares in Chinese e-commerce giant Alibaba jumped to a new record on Wednesday morning, a day after the group's financial arm filed paperwork for a joint Shanghai and Hong Kong listing.
The IPO for Ant Group, the financial technology arm of Alibaba, is being billed as one of the world's largest listings, potentially eclipsing the record $29-billion raised by Saudi Aramco last year. The company filed paperwork on Tuesday evening for a joint listing closer to home as tensions spiral between the United States and China.It did not detail a timetable for its public offering or how much money it hopes to raise. But the filing has already created a buzz.Alibaba, which is listed in both Hong Kong and New York, is China's largest e-commerce conglomerate and is owned by billionaire Jack Ma.
Bloomberg News, citing people familiar with the listing, say Ant group is targeting a valuation of about $225-billion, with a $30-billion IPO if markets are favourable. In its filing Ant said it will use the proceeds to expand cross-border payments and enhance its research-and-development capabilities.