Alibaba’s Jack Ma: Ant Group’s dual listing in Hong Kong, Shanghai to be world’s biggest ever

Alibaba-owned fintech company Ant Group’s listing, which is being planned simultaneously in Hong Kong and on Shanghai’s Stock Exchange Science and Technology Innovation Board (STAR) in weeks ahead, will be the biggest ever, according to Alibaba’s founder Jack Ma. Addressing the Bund Summit in Shanghai on Saturday, Ma said that the dual listing will be the world’s biggest in human history ever, CGTN reported. While the pricing of the listing was determined on Friday night, according to Ma, the details of the pricing weren’t disclosed by him even as it is likely to be out next week.

“It’s the first time that the pricing of a big tech company has been decided outside of New York, which was beyond our imagination three years ago…but it just happened,” said Ma. The dual listing, which could be worth $35 billion, according to a Reuters report, would be a world record beating the $29.4 billion float by Saudi Aramco in December 2019.

Ma called for reforming the global financial system, established after World War II, for the future generation as the current system, he described, is stagnant, risk-averse, and ignores development opportunities. This, Ma said, was the root cause of different problems today. According to him, the leaders after the second World War had the vision of a financial system for the future that we are using now.

Also read: Karnataka HC: Trustees cannot wind up Franklin Templeton debt schemes without investors’ consent

Meanwhile, the Ant Group may raise up to $17.3 billion in the Shanghai listing following bids submitted by some large investors. The bids are 68-69 yuan per share, Reuters reported citing sources. It added that many large Chinese fund managers had bid for Ant shares in the listing on the STAR Market at nearly 69 yuan ($10.32) apiece. The company may be valued at up to 2.1 trillion yuan ($314 billion), before a 15 per cent greenshoe or over-allotment option is exercised.