China Prepares to Launch Largest Initial Public Offering of Ant Group |

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Beijing – Four Chinese government agencies, including the central bank and the Banking Supervision Authority, have invited Chinese billionaire Jack Ma, the de facto control of Chinese electronic payment technology company Ant Group, Group CEO Eric Ging and CEO Simon Hu, to hold a supervisory meeting on the company.

Representatives of the China Securities Commission and the General Administration of Foreign Exchange also participated in the meeting.

And Bloomberg News indicated that the statement posted on the social networking site Weibo did not reveal any additional details about the meeting.

For its part, Ant Group Financial Services Technology, a subsidiary of the Chinese e-commerce and Internet group Alibaba Group Holding, said that it would implement the opinions reached by the meeting “in a profound way”, in order to continue adhering to the controls of “stable innovation, acceptance of supervision and serving the real economy.”

News reports said last week that Ant Group aims to raise $ 34.5 billion through a dual initial public offering (IPO) of its shares, to become the largest initial public offering in the history of global financial markets, surpassing the Saudi oil giant Aramco, which raised $ 29.4 billion from the public offering. Initial shares of its shares last December.

Ant Group plans to list its shares on the Hong Kong and Shanghai stock exchanges. The company set the offer price at $ 80 a share on the Hong Kong Stock Exchange and 68.8 Chinese yuan per share on the Shanghai Stock Exchange, according to media reports on the public offering file submitted to the Capital Market Authority.

Ant Group raised $ 1 billion for its IPO, becoming the largest operation to outperform Saudi Aramco

Reports said Chinese financial services technology company Ant Group will raise about $ 17.2 billion through an IPO on the Shanghai Stock Exchange, and roughly the same amount through an offering in Hong Kong.

It is reported that the Alibaba Group, owned by Chinese billionaire Jack Ma, owns 33 percent of Ant Group.

Ant Group’s market value is expected to reach nearly $ 313 billion as soon as its shares start trading on the Hong Kong Stock Exchange, which is expected to take place on November 5.

Chinese consumers have become so dependent on electronic payment almost completely that many merchants today only accept cash.

The Chinese Communist Party wanted to unleash the growing power of consumer spending in China as another pillar, and the e-commerce revolution initiated by groups such as Alibaba and Tencent helped pave the way for that.

In another context, Bloomberg News previously warned of possible US restrictions on two of the largest Chinese electronic payment services companies, and said that the US administration’s taking this step would have major repercussions on the transactions of billions of dollars, the international trade movement, and even the development of the global financial system.

US President Donald Trump’s administration officials have intensified their undeclared talks about imposing restrictions on the electronic payment apps “Alipay”, owned by the “Ant Group” and “WeChat Pay”, which is owned by the Chinese “Tencent Holdings” group, claiming that they represent A threat to US national security, Bloomberg reported on Wednesday.

Bloomberg indicated that the direct and stronger effect of imposing such restrictions would be on the prospective initial public offering (IPO) of Ant Group on the Shanghai and Hong Kong stock exchanges, which is expected to be the largest initial public offering in the world.

At the same time, some international companies dealing with Chinese electronic payment applications may see these restrictions harmful or deviating from the correct path.





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