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

Jack Ma mentioned that the worldwide monetary system is stagnant, risk-averse and ignores improvement alternatives. (Image: Reuters)

Alibaba-owned fintech firm Ant Group’s listing, which is being deliberate concurrently in Hong Kong and on Shanghai’s Stock Exchange Science and Technology Innovation Board (STAR) in weeks forward, will be the biggest ever, in accordance to Alibaba’s founder Jack Ma. Addressing the Bund Summit in Shanghai on Saturday, Ma mentioned that the dual listing will be the world’s biggest in human historical past ever, CGTN reported. While the pricing of the listing was decided on Friday night time, in accordance to Ma, the main points of the pricing weren’t disclosed by him whilst it’s doubtless to be out subsequent 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,” mentioned Ma. The dual listing, which might be price $35 billion, in accordance to a Reuters report, would be a world report beating the $29.4 billion float by Saudi Aramco in December 2019.

Ma referred to as for reforming the worldwide monetary system, established after World War II, for the long run technology as the present system, he described, is stagnant, risk-averse, and ignores improvement alternatives. This, Ma mentioned, was the basis trigger of various issues at present. According to him, the leaders after the second World War had the imaginative and prescient of a monetary system for the long run that we’re utilizing now.

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Meanwhile, the Ant Group might increase up to $17.3 billion in the Shanghai listing following bids submitted by some giant traders. The bids are 68-69 yuan per share, Reuters reported citing sources. It added that many giant Chinese fund managers had bid for Ant shares in the listing on the STAR Market at almost 69 yuan ($10.32) apiece. The firm might be valued at up to 2.1 trillion yuan ($314 billion), earlier than a 15 per cent greenshoe or over-allotment possibility is exercised.

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