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Show Notes
Chinese fintech giant Ant Group has cleared the final regulatory hurdle for its IPO after the China Securities Regulatory Commission gave it the all-clear to list simultaneously in Hong Kong and Shanghai.
The Group is planning to raise $35 billion dollars in the dual listing and will split its stock issuance equally across Shanghai and Hong Kong, issuing 1.67 billion shares in each location. This could be the world’s largest IPO, surpassing the record set by Saudi Aramco's $29.4 billion float last December.
Ant Group has also released some updated financial figures for the first nine months of 2020. According to an A-share prospectus posted on the Shanghai exchange, there was a 74% jump in gross profit to $10.4 billion from January to September and revenue was $17.73 billion, a more than 42% year-on-year rise.
The Group’s next move is to hold a roadshow to market the IPO to investors and will likely price the shares next week on 27th October.
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