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Follow on Google News | World's Biggest I.P.O. Ant Group will list shares in Hong Kong and ShanghaiAnt Group, the Chinese financial technology titan, is set to raise around $34 billion when its shares begin trading in Hong Kong and Shanghai in the coming weeks, which would make its initial public offering the largest on record.
The money Ant raises would surpass the $29.4 billion that Saudi Arabia's state-run oil company, Saudi Aramco, raised when it went public last year. Ant's listing would also be larger than that of its sister company, the Chinese e-commerce giant Alibaba, which raised $25 billion when its shares started trading on the New York Stock Exchange in 2014. For hundreds of millions of people in China, Alipay may as well be a bank. It is their credit card, debit card, mutual fund and even insurance broker — all on a single mobile platform. It is a lender to small businesses, both online and off, that might otherwise be ignored by China's big state-run banks. Alipay has more than 730 million monthly users, more than twice the population of the United States. By comparison, PayPal has 346 million active accounts. Like other giant internet companies, Ant says its strength lies in performing a large number of different tasks at once. The more people use Alipay to purchase lattes, for example, the more data it gathers about their spending power. Ant says this information helps it offer loans, investments and insurance policies that suit users' needs. The data also helps Ant and its partner banks determine who is likely to pay them back. Today, the company emphasizes that Alipay is merely the front door through which its users gain access to financial services. The lending and investing are still mostly done by established institutions — a message that was crystallized when the company, which used to be called Ant Financial, dropped the second word from its English name this year. Last year, Ant earned $2.7 billion in profit on $18 billion in revenue. It says it handled $17 trillion in digital payments in mainland China during the 12 months that ended in June. For more information on Ant Group reach out to us today. The Tribbioli Simone Group https://www.thetribbioligroup.com End
Page Updated Last on: Jan 28, 2021
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