Ant Group, the online payments arm of e-commerce giant Alibaba Group (BABA) - Get Report, is prepping for a double initial public offering in both Hong Kong and Shanghai that could mark the biggest 2020 IPO globally to date.
Ant Group, which is 33%-owned by Alibaba, will pursue a simultaneous dual-listing in Hong Kong and on the Shanghai stock exchange’s STAR board, the company announced on Monday.
Valued at $150 billion after a 2018 private fundraising round, Ant has evolved into an online mall for everything from loans and travel services to food delivery, in an effort to lure customers back from Tencent Holdings.
Ant posted more than $2 billion in profit in the fourth quarter, based on calculations made from Alibaba’s filing.
Apart from mobile payments service Alipay, China's most pervasive online wallet, Ant Group also operates one of the world’s largest money market funds and runs Sesame Credit, a private credit rating system for its users. Together with its partners, Ant Group serves more than 1 billion users globally.
Its technology solutions also include services in cloud computing, artificial intelligence, blockchain and risk control.
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