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Investing.com – Ant Group, Chinese e-commerce giant Alibaba (NYSE:BABA) Group (HK:9988)’s mobiles payment unit, is planning a simultaneous double-listing on the Hong Kong Stock Exchange (HKSE) and Shanghai’s STAR board.
Ant Group is seeking a valuation of over $200 billion, which could see it raise more than Saudi Aramco’s blockbuster $29 billion IPO in 2019. China International Capital Corp., Citigroup (NYSE:C), JPMorgan Chase (NYSE:JPM) and Morgan Stanley (NYSE:MS) will advise Ant Group on its Hong Kong offering, which alone aims to raise about $10 billion.
Ant Group is best known for Alipay, its mobile payment platform which was spun off from Alibaba in 2010. It also provides services from loans to travel and food delivery. The company has been working with Indian as well as 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:NTES) Inc and JD (NASDAQ:JD).com, both of which completed secondary listings on the HKSE in June.
Parent company Alibaba completed its own HKSE secondary listing in November 2019, raising $12.9 billion in the city’s biggest IPO of the year.
Alibaba’s Hong Kong shares rose 6.59% to HK$255.40 ($32.9431) by 12:48 AM ET (5:48 AM GMT).
