Ant Group of Jack Ma has just fetched the major stock sale in history and marking a significant victory for the Chinese tech giant and the country’s share market.
On Monday, regulatory filings released which say that the tech firm behind China’s biggest online payment platform rated its dual listing on the Shanghai’s Star Market and the Hong Kong Stock Exchange at 68.8 Yuan (or $10.26) and 80 Hong Kong dollars (or $10.32) per share respectively.
Ant Group broke Aramco’s previous record
So, it means that the IPO (Initial Publica Offering) will ramp up around 34.4 billion dollars and worth the firm at more than 310 billion dollars. Moreover, the earlier record for the initial public offering was claimed by Aramco (Saudi oil firm), which raised around 29.4 billion dollars as the company distributed shares on the Riyadh exchange earlier in December.
*CHINESE ECOMMERCE GIANT ANT GROUP, LED BY JACK MA, RAISES $34 BILLION IN WORLD’S LARGEST IPO TO GIVE IT A MARKET CAP OF $310 BILLION
*ITS SHARES WILL START TRADING IN HONK KONG AND SHANGHAI ON NOV. 5 pic.twitter.com/20zdUTqz0y
— Investing.com (@Investingcom) October 27, 2020
The share issue is an advantage for China, which has been prompting the nation’s leading tech firms to lean at home rather than moving to exchanges in the U.S., where various inspections of Chinese firms is growing day by day as long-running trade conflicts ramble on.
China thinks the firm’s decision to trade 1.67 billion shares in both Shanghai and Hong Kong, or around eleven percent of the firm in total, will develop the seasoned institutional investors’ interest. Moreover, if the worth of the share is any indication, that plan looks to be working perfectly.
Ant Groups is a financial tech firm associated with Alibaba (Chinese e-commerce group), which became public on the New York Exchange in 2014, and also knowns as the world’s record-setting IPO. Moreover, Billionaire Jack Ma has complete control over Ant Group and is due to profitable income from the share sale.
Jack Ma’s Ant Group has rapidly grown into a robust technology firm all across the world. The company has created its presence regarding every aspect of life in the country, from credit scores, dating profiles, investment accounts, and micro-savings products to insurance.
In regulatory filings, Ant described that Alipay (the company’s payment app) had reached 731 million active users per month. Furthermore, the firm managed 17.7 trillion dollars (118 trillion yuan) in payments in the previous twelve months.
Ant said that the revenue for the 9 months completed in September raised around 43 percent to 17.7 billion dollars (118.2 billion yuan) compared to the same phase last year. And gross profit for that time raised to seventy-four percent to 69.5 billion yuan.