Alfred Lee21 Jul, 2020
One of Jack Ma's companies is about to go public, and it is poised to be the biggest IPO of the year.
China's Ant Group, the parent company behind the popular payments app Alipay, has recently kickstarted the process of a concurrent IPO on both the Hong Kong Stock Exchange and Shanghai Stock Exchange's Star Market.
While still at the preliminary stage, bankers are valuing Ant Group at a staggering valuation of $200 billion.
Alipay today has over 1.3 billion users around the world, and has since expanded from a mere payments app into a comprehensive portal (super-app) providing a huge range of services as well as useful mini-programs.
Alibaba, the largest e-commerce company from China founded by Jack Ma, presently holds 33% of Ant, whose revenues were predominantly generated from technology infrastructure for proprietary financial products.