Alibaba’s Ant Group starts concurrent IPO process in Shanghai, Hong Kong

People visit a showroom of Ant Financial in Hangzhou in China's eastern Zhejiang province. Photographer: -/AFP/Getty Images

Ant Group, the fintech arm of Chinese e-commerce giant Alibaba, said on Monday that it had started the process of a concurrent initial public offering on Shanghai’s Nasdaq-style Star Market and the Hong Kong Stock Exchange.

The world’s most valuable tech “unicorn” said in a release that the listings will help the company accelerate its goal of digitising the service industry in China, develop global markets with partners and expand investment in technology and innovation.

Ant did not disclose the size, timetable or other details of the offering in the release.

“The innovative measures implemented by SSE STAR market and the SEHK 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 Eric Jing, executive chairman of Ant Group.

A concurrent listing of Ant – one of the world’s most hotly-anticipated IPOs – would be a boost to both cities’ status as capital market centres.

Shanghai’s new economy-focused Star Market was launched last June modeled on the Nasdaq and featuring a U.S-style IPO system in arguably China’s boldest attempt at capital market reform yet.

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.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.