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Chinese group Ant, owner of online payments giant Alipay, announced on Monday that it plans to raise more than $ 34 billion in a double deal to go public in Hong Kong and Shanghai, in what will be the largest IPO in history.
In full rivalry between Beijing and Washington, this colossal sum allows China to perform as a global finance giant, breaking records that were usually produced in Wall Street.
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Until date the IPO world record It stands at $ 29.4 billion, in the hands of Saudi oil giant Aramco – which produces 10% of the world’s oil – on the Riyadh stock exchange in 2019.
Ant Group, affiliated with the Chinese leader in e-commerce Alibaba, is an essential player in electronic payment in your country, with the Alipay service. Ant claims an annual transaction volume of more than 118 trillion yuan (14.4 trillion euros, 17 trillion dollars) and more than 700 million monthly active users.
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The group of Chinese billionaire Jack Ma It plans to sell 1.67 billion shares at HK $ 80 per unit on the Hong Kong Stock Exchange starting Tuesday. In Shanghai, Ant will also offer 1.67 billion shares, at 68.80 yuan.
Total, the operation exceeds 34,000 million of dollars (28,700 million euros) and could reach 40,000 million dollars. This amount makes this IPO the largest in history. The shares will be listed on November 5th.
‘Not even in dreams’
As early as Saturday, Jack Ma had welcomed the interest of investors, even before the operation was officially launched.
“It is the first time that such an important price, the most important in the history of mankind, has been made outside New York,” said Ma at a press conference in Shanghai.
“Five years ago, we couldn’t have imagined all of this in a dream, and not even three years ago,” the Chinese billionaire was thrilled, according to the Bloomberg agency.
The group, going public in Shanghai and Hong Kong, responds to a call from the Chinese government, which wants the most important national companies in the technology sector to be listed on the country’s stock markets, especially in this period of economic and political rivalry with the United States.
Its arrival on the Hong Kong stock exchange should also cheer this financial center, at a time when doubts arise about the international attractiveness of this autonomous Chinese territory, a former British colony that returned to Beijing in 1997.
Before Saudi Aramco, the previous record in this type of operation was held by the Chinese group Alibaba, with a $ 25 billion IPO on Wall Street.
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AFP
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