Bonjour, new guests from small-town India
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
istock/Ildo Frazao Ildo Frazao
Ant Group, the fintech arm of Chinese e-commerce giant Alibaba Group Holding, said it has started the process of a dual listing in Hong Kong and on Shanghai's Nasdaq-style Star Market, kicking off one of the world's most hotly anticipated IPOs.
Ant is the world's most valuable tech “unicorn” - a start-up valued at over $1 billion. It would become the first company to list both in Hong Kong and on the Star Market and its IPO should boost the status of both Hong Kong and Shanghai as capital market centres.
The company, China's dominant mobile payments company, did not disclose the size, timetable or other details of the offering in its statement on Monday.
Reuters reported earlier this month that Ant was planning a Hong Kong float as soon as this year, targeting a valuation of more than $200 billion. It was valued at about $150 billion in its last funding round in 2018.
Ant, which was spun off from Alibaba in 2011, has long been preparing to step up plans for eventually going public in Hong Kong and mainland China. It has quietly brought back together many of its corporate finance team, some of whom had moved to other roles in recent years, Reuters reported in January.
“The innovative measures implemented by SSE STAR market and the SEHK (Stock Exchange of Hong Kong) have opened the doors for global investors to access leading edge technology companies from the most dynamic economies in the world and for those companies to have greater access to the capital markets,” said Ant Group's executive chairman, Eric Jing.
China is gradually switching from its tightly-controlled IPO system where every float needs approval to a more registration-based scheme similar to the US and other developed markets, which it piloted with the launch of Shanghai's tech-focused STAR Market last year.
In late March, the Shanghai Stock Exchange, operator of the STAR Market, said the board could now include fintech and technology services firms.
JD Digits, the fintech arm of e-tailer JD.com, has also been preparing for going public on the STAR Market.
Hong Kong implemented listing reforms in 2018 that paved the way for tech firms with weighted voting rights and for early-stage biotechnology companies to list.
Companies raised nearly $7 billion via IPOs on the STAR Market in the first half of this year, making the bourse the second biggest market globally for IPOs, behind Nasdaq but ahead of Shanghai's main board and Hong Kong, according to Refinitiv data.
Ant offers loans, payments, insurance and asset management services via mobile apps.
However, in recent years it has emphasised its technology prowess amid increased regulatory scrutiny of financial risk. It won regulatory approval in May to change its legal name in Chinese to Ant Technology Group Co.
The company has been trying to expand beyond its financial services focus by allowing third-party vendors to offer services such as food delivery and hotel bookings on its Alipay mobile payment platform.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Citroen’s first vehicle sports a novel design and European interiors. It is also meant to be as comfortable as ...
The pandemic is only the tip of the iceberg that the country’s cash-poor airlines — both regional and national ...
The government is yet to specify the framework of its recently announced old vehicle scrappage policy
With initial public offerings galore, we give you a cheat sheet to score some good grades
Biggest risk in selling funds in a rising scenario is exiting early and missing out on further gains
Go for a standard vector-borne diseases policy if you don’t have a regular health plan
No credit risk is an attraction, but note the nuances
With the public looking beyond mainstream media for reports from the ground, independent digital platforms are ...
While Supreme Court has cleared the way for women seeking longer tenures and senior roles in the Indian Army, ...
Mughal Gardens in the Capital open to visitors — albeit with Covid-19 protocol — for the annual Udyanotsav
Salty, buttery, cheese coated or with maple syrup and bacon — popcorn is lending its adaptable self to gourmet ...
Its name is the starting point of a brand’s journey and can make a big difference in the success sweepstakes
Sober spirits are the in thing
A peek into where ad spends went last year and where they are headed tomorrow
Can Swiggy Instamart disrupt the ecommerce groceries space, currently ruled by the Amazons and Big Baskets? ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor