Chinese fintech giant Ant Group says to raise $34 billion in record IPO

guest · Oct 26, 2020

China's Ant Group says to raise $34 bn in record IPO
October 26, 2020
https://today.rtl.lu/news/business-and-tech/a/1602143.html

Chinese e-payments giant Ant Group said Monday it plans to raise $34 billion in a listing shared between Hong Kong and Shanghai, making it the biggest IPO in history.

The record-shattering IPO comes as the administration of US President Donald Trump tries to smother Chinese technology companies, whose ascent is seen by Washington as a threat to American security, prestige and supremacy in the digital age.
The financial arm of e-commerce titan Alibaba, Ant Group runs Alipay, the dominant online payment system in China, where cash, cheques and credit cards have long been eclipsed by e-payment devices and apps.
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Ant is closely stitched into everyday life in China, providing a nearly complete banking service from digital payments to micro-investments and insurance.

Jack Ma, the billionaire founder of Alibaba, noted the significance of the potential for a large offering happening in two Chinese cities.

"This was the first time such a big listing, the largest in human history, was priced outside New York City," he told the Bund Summit in Shanghai on Saturday, in comments reported by Bloomberg.
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Analysts say the mega-IPO should position Ant Group to deepen its reach into major overseas markets.
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guest · Oct 27, 2020

Ant Group to close Hong Kong institutional book early amid 'overwhelming' demand for IPO - sources
October 27, 2020
https://in.reuters.com/article/ant-...whelming-demand-for-ipo-sources-idINKBN27C0BA

Ant Group will close institutional order books of the Hong Kong portion of its record-setting dual IPO ahead of schedule due to strong demand, sources with direct knowledge of the matter said.

The institutional book of the $17.2 billion Hong Kong listing was due to close on Thursday, but that deadline will be accelerated to Wednesday 5.00 p.m. in each region, three sources said.
Ant Group declined to comment on the planned early closure of the Hong Kong institutional book.

“The demand is overwhelming ... It will smash all previous records,” Francis Lun, Hong Kong-based chief executive of GEO Securities, said about retail demand for Ant.
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guest · Oct 30, 2020

Ant Group: Investors pour US$3 trillion into world’s largest IPO with frenzied bids in Hong Kong and Shanghai retail offerings
Ant becomes the record holder
October 30, 2020
https://www.scmp.com/business/banki...st-stock-sale-ant-draws-record-us1677-billion

The largest initial public offering (IPO) in global financial history broke records in Shanghai and Hong Kong, soaking up more than US$3 trillion from retail investors, setting off frenzied bids for the shares of Ant Group.

A record 19.05 trillion yuan (US$2.85 trillion) of bids were received from retail investors for Ant’s shares on Shanghai’s Star Market, exceeding the supply of shares by 870 times. In Hong Kong, 1.55 million retail investors, or about one-fifth of the city’s population, poured in HK$1.3 trillion (US$167.7 billion) for the shares when the book closed at noon on Friday, overbidding by 394 times, according to people familiar with the matter.

“The offering is so hot that more than 1 million retail investors have sent their subscriptions,” said Louis Tse Ming-kwong, managing director of Hong Kong-based brokerage Wealthy Securities. “It is a historic moment for Hong Kong’s securities market.”
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hawki · Nov 3, 2020

"Shanghai’s market operator halts world’s largest IPO by pulling Ant Group’s listing, citing changes in regulatory environment

China’s stock market operator has pulled the rug from under the largest initial public offering in global finance, calling a halt on the November 5 dual listing of Ant Group’s shares in the city’s technology board less than 48 hours before the highly anticipated trading was due to start.

A meeting earlier this week between Ant Group’s senior executives and China’s top financial regulators constituted 'significant change' in the regulatory environment, which may lead to the fintech company not fulfilling the listing requirements or disclosure rules of the exchange..."

https://www.scmp.com/business/compa...arket-operator-calls-halt-ant-groups-imminent

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