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Entertainment IPO: Chinese Fintech Ant sets share price for IPO

09:45  25 october  2020
09:45  25 october  2020 Source:   handelsblatt.com

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Ant Group Co. set the price of its record initial public offering in Shanghai on Friday evening, its billionaire founder Jack Ma said, without disclosing the price . Ma’s Chinese fintech giant is one of the most hotly anticipated IPOs in years, on course to make history by surpassing Saudi Aramco’s record

Pricing for Chinese fintech giant Ant Group's giant dual-listing was determined on Friday night The IPO would also be the first simultaneous listing in Hong Kong and on the year-old STAR Market in For the Hong Kong leg, Ant plans to open order books next week. Its shares are likely to start trading

Jack Ma has not announced the share price for the world's largest IPO. Instead, he calls for reforms in the financial system.

Einen Termin für die Erstnotiz an der Börse nannte Ant bisher nicht. © AFP Ant has not yet given a date for the initial listing on the stock exchange.

The company Ant set the price of 3.4 billion shares for its target record IPO in Shanghai on Friday evening. That said Jack Ma , billionaire and operator of the payment service Alipay, but without announcing the price, as the US medium CNBC reported.

Alibaba founder Ma said about pricing during a speech at the Bund Summit in Shanghai on Saturday: “It is the first time that prices for such a large listing - the largest in human history - outside of New York City were set. We didn't dare to think about it five years ago or even three years ago. But a miracle has just happened, ”he said. The audience also included officials from the Chinese authorities.

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The mammoth dual listing for Chinese fintech giant Ant Group will be the world's biggest, according to a pricing determined on Friday night, Alibaba founder "It's the first time that the pricing of such a big listing - the largest in human history - has been determined outside New York City" he told the Bund

Ant Group IPO pricing 'history's largest,' says Alibaba's Jack Ma. The listing could be the world's largest initial public offering , surpassing the record set by Saudi The mammoth dual listing for Chinese fintech giant Ant Group will be the world's biggest, according to a pricing determined on

The stock sale could bring in $ 35 billion in Hong Kong and Shanghai , according to insiders. Ma wants to offer 1.67 billion shares each on the stock exchanges. There is also a placement reserve (greenshoe) of 15 percent. The Alibaba subsidiary Zhejiang Tmall Technology will subscribe 730 million of the shares offered in Shanghai, according to the prospectus. With Alipay,

Ant operates the dominant payment service in China and also offers loans, insurance and wealth management services via the apps. In the first nine months of 2020, Ant increased operating profit 42.6 percent to the equivalent of $ 17.8 billion.

Alibaba holds a third of the shares in Ant. Since the last financing round in 2018, well-known investors such as the state fund Temasek from Singapore and the financial investor Warburg Pincus have also been involved in the fintech.

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Chinese fintech firm Ant Group has begun the process of a concurrent initial public offering in Shanghai and Hong Kong. Ant Group, formerly known as Ant Financial, did not disclose how much it was seeking to raise in the dual IPOs or when it would go public.

The mammoth dual listing for Chinese fintech giant Ant Group will be the world's biggest, according to a Backed by Chinese e-commerce giant Alibaba, Ant plans to list simultaneously in Hong Kong and on Shanghai's STAR Market "We must set up a new one for the next generation and young people.

Ant is hoping for a valuation of more than 250 billion dollars, but could even receive one of around 320 billion dollars and would be larger than JPMorgan Chase & Co.

Jack Ma wants less regulation in the financial system

Ma also said according to the report, that regulations in the financial system would prevent innovations. At the same time, he called for a reform of the system in order to increasingly expand financial services in the technology sector to smaller companies.

He stated that the system established after World War II was outdated and too risk averse. He called the Basel Committee on Banking Supervision "an old man's club" and warned that the risks to the entire economy would mount. The committee was founded in 1974 by the central banks and banking supervisory authorities of the G10 countries in response to the bankruptcy of the Herstatt Bank and other banks.

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SHANGHAI (Reuters) - The mammoth dual listing for Chinese fintech giant Ant Group will be the world's biggest, according to a pricing determined Backed by Chinese e-commerce giant Alibaba, Ant plans to list simultaneously in Hong Kong and on Shanghai's STAR Market in the coming weeks.

The mammoth dual listing for Chinese fintech giant Ant Group will be the world's biggest, according to a pricing determined on Friday night, Alibaba founder "It's the first time that the pricing of such a big listing - the largest in human history - has been determined outside New York City" he told the Bund

In China, Ma said, banks have a strong “pawnshop” mentality because they require collateral and guarantees prior to lending. That is a model that will not spur future growth, he said. Instead, a new, inclusive and universal banking system should be created that lends small businesses and individuals on the basis of big data. With big data, bank customers swap better credit terms for personal, sensitive data.

The Ant Group, which has an extensive payment and micro-credit business, is based on this business model. The company is facing increasing scrutiny by the authorities. "Today's financial system is the legacy of the industrial age," said Ma. “We have to create a new one for the next generation and young people.”

The Chinese fintech received the green light from the Chinese securities regulator (CSRC) on Wednesday, for the IPO, after they had given them the green light for the IPO a few days ago Issue in Hong Kong. Ant then announced that it would price the shares on October 27th. The Chinese fintech giant's IPO has been eagerly anticipated for years and could top Saudi Aramco's record $ 29.4 billion sale in December 2019.

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The mammoth dual listing for Chinese fintech giant Ant Group will be the world's biggest, according to a pricing determined on Sources have said the listing could be worth billion, surpassing the record set by Saudi We must reform the current system." Ant Group IPO pricing 'history's largest'

Backed by Chinese e-commerce giant Alibaba, Ant plans to list simultaneously in Hong Kong and on Shanghai's STAR Ant , which has an extensive payment and micro-lending business that is largely based on big data, has faced "We must set up a new one for the next generation and young people.

Originally Ant wanted to go public at the beginning of October, but the examination of the plans by the securities regulator took a long time. According to insiders, CSRC examined a possible conflict of interest.

Ant has not yet given a date for the initial listing. This will be determined at a later date, it said in the prospectus. People familiar with the plans had told the Reuters news agency that the stock market debut was planned shortly after the US presidential election, which will take place on November 3rd. The nervousness of investors has recently increased in view of the rising number of corona infections and the approaching US elections. Several IPOs were therefore put on hold.

More: What are the opportunities and risks of investing in the Chinese stock market? China expert Ingo Beyer von Morgenstern analyzed the possibilities for German investors in our “Handelsblatt Today” podcast.

Record IPO: Ant Group wants to raise $ 34 billion .
© Pixabay Record IPO: Ant Group wants to raise $ 34 billion The owner of online payment giant Alipay, whose securities will be listed from on November 5, plans to raise at least $ 34 billion when it goes public. Which would make this the most important IPO in history. Ant Group plans to raise a record sum of over $ 34 billion in a dual IPO in Hong Kong and Shanghai, the company said on Monday (October 26th).

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