Ant Group set to dual-list onto Hong Kong and Shanghai exchanges next week

Various reports have estimated the company could raise over $34.4 billion.
Written by Campbell Kwan, Contributor

Ant Group is set to officially enter the Hong Kong and Shanghai stock exchanges next week, according to filings released on Tuesday morning.

The company, the owner of Alipay, has priced its shares at HK$80 and 68.8 yuan apiece, respectively, for the Hong Kong and Shanghai stock exchanges.  

Based on these share prices, Ant Group is seeking to raise about $17.2 billion in each city, according to the Wall Street Journal. $34.4 billion would reportedly make it the biggest IPO to date.

The company kicked off its IPO proceedings in July, saying at the time that a concurrent listing in Shanghai and Hong Kong would help the company push domestic demand and facilitate the company's expansion in global markets alongside its partners. 

The company added the dual listing would further enable it to build out the infrastructure needed to support digital transformation efforts in China's service industry.

Alongside Alibaba, which owns a 33% stake in Ant Group, the two companies have looked to expand Alipay's global footprint in recent years through various initiatives, including a three-year plan to add 40 million service providers across China onto the mobile payment platform.

Last November, Ant Group also made Alipay available to foreign visitors in China, which marked the first time the e-wallet could be used outside its domestic population to pay for goods and services. Previously, only Chinese bank account holders could use the platform. 

Alipay currently supports over 1.2 billion users and can be used to pay for a range of services in-app, including taxi rides, hotel room bookings, and movie tickets

Ant Group's Hong Kong stock will start trading on November 5, the filings said, while there is currently no set listing date for the Shanghai stock. 

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