Ant Financial, the fintech company of the Chinese e-commerce giant Alibaba, plans to start trading on the Shanghai Stock Exchange’s STAR market on October 29th, in a deal that, according to local media, could be worth around $200 billion.
If you want to read more about the dual listing of the fintech company Ant Financial, download for free the Born2Invest mobile app. Our companion app is available for both Android and iOS devices and its team of journalists will bring you the most important economic news of the day, so you don’t have to lose time scrolling the internet.
The company just received the permission from the China Securities Regulatory Commission
The jump to the stock market of this fintech company will be done with the issuance of up to 1,670 million A shares, the company announced in a statement.
Ant received this Wednesday, October 21st the permission from the China Securities Regulatory Commission to have its shares listed on the Shanghai Stock Exchange’s STAR market, known as the “Chinese Nasdaq” because of its orientation towards technology securities. It is also looking to go public simultaneously on the Hong Kong stock exchange, although it has not yet announced a date.
Since September 2019, Alibaba has owned 33% of Ant Financial
The Alibaba group said in a statement sent to the Hong Kong Stock Exchange that “the value of Ant has risen to between 380,000 and 460,000 million dollars. The Chinese regulatory commission approved last 19th the exit to the stock market of the company in the Hong Kong stock exchange and this Wednesday did the same with the one of Shanghai.
The Chinese financial portal Caixin indicated that on October 29th the subscription of shares will start and that on November 2nd the payment of the subscribed shares will be completed. Regarding its debut in the Hong Kong Stock Exchange, Alibaba announced today in a press release that it will subscribe 730 million A shares of Ant during the operation.
Ant Financial to be the first private company to go public on both Shanghai and Hong Kong stock exchanges
Ant Financial, founded in 2014 and recently renamed Ant Group, will become the first private company to go public in both Shanghai and Hong Kong. The company reportedly intends to use the funds raised to expand its user base and digital services, as well as to develop other utilities such as cross-border payments.
Jack Ma’s company will achieve a quote of nearly $200 billion
Between January and September, Ant’s operating revenues amounted to $17.73 billion (118.191 billion yuan), a 42.56% year-on-year increase.
Since September 2019, Alibaba has owned 33% of Ant Financial, while up to that date the link between the two companies was that the Fintech branch paid the parent company 37.5% of its gross profits as royalties, reported the Cincodias site.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in iProUP, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Bitcoin News: El Salvador Residents Protest Against Bitcoin
Already after the announcement to introduce Bitcoin as a means of payment, the first opinion polls in the country showed...
About $4.5 Million to Facilitate Access to the Dry Port of Bobo-Dioulasso
The launch of the project to rehabilitate, develop and asphalt the access roads to the dry port of Bobo-Dioulasso and...
A Look at the Periods of Extreme Market Volatility
One theme I’m constantly dwelling on is; NYSE bull markets are quiet markets, same for the NASDAQ. That’s not saying...
Is Augmented Reality (AR) the Best Thing to Happen to Education? Yes, it is!
Augmented Reality has arrived with much fanfare, particularly in the educational market. However, prior experience has shown that technology doesn’t...
Why Gold Continues to Struggle
Market just continues on higher with more new all-time highs. Risk stocks continue to rise. Even the DJI eked out...
Crypto6 days ago
Canada Continues to Embrace Cryptocurrencies
Africa6 days ago
Grifols Continues to Grow in Africa and Will Build a Plant in Nigeria
Featured6 days ago
Valsabbina Bank Invests in BorsadelCredito, Fintech Platform Leader in P2P Lending to SMEs
Featured6 days ago
Rice Futures Had a Good Week