Ant Group begins process of dual listing
Ant Financial changed its name to Ant Group in May to symbolize less dependence on financial services.
Alibaba’s financial and payment affiliate Ant Group has begun the process of a concurrent listing on Shanghai Stock Exchange's STAR Market and the Hong Kong bourse, it said on Monday.
In a statement, Eric Jing, the group’s executive chairman, said: “The innovative measures implemented by the 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. We are thrilled to have the opportunity to play a part in this development.
"We strive to enable all consumers and small businesses to have equal access to financial and other services that are inclusive, green and sustainable.”
The group didn't comment on a possible share sale date or the valuation.
Ant Group changed its name from Ant Financial in May to symbolize its less dependence on financial services.
The company, which operates the popular Alipay payment tool, has grown its services beyond payments to include a wide range of segments such as insurance, wealth management, small loans and lifestyle services.
Its latest fundraising round, in June 2018, priced the company at roughly US$150 billion.
Ant completed a shareholding restructuring last year with its parent Alibaba Group holding a 33-percent stake.
The shift to virtual economy and digital services, especially after the pandemic, has put smartphone applications and digital solution providers at the forefront of business restructuring.
Home-grown technology giants are seeking dual listing to allow more investors to enjoy business growth.
Alibaba’s US$12.9 billion secondary listing in Hong Kong last year was one of the biggest in size in nearly a decade. JD.com and NetEase followed suit this year with both completing listing in Hong Kong in June.
