The mascot for Ant Financial is displayed in the lobby of the company's headquarters in Hangzhou China. Image Qilai Shen Bloomberg
26 August, 2020, 18:44
Ant said in its filing that it plans to sell no less than 10% of its enlarged share capital in the dual-listing.
Alipay still accounts for much of Ant's revenues; the mobile payments app has over a billion annual active users and was used for $16 trillion in transactions past year.
Meanwhile Alibaba, which owns a 33% stake in Ant, is increasingly folding its services into the Alipay app.
If this valuation target is achieved, Ant Group would be the third biggest financial firm in China, only behind the Industrial and Commercial Bank of China (ICBC) and Ping An Insurance.
Ant plans to use the proceeds raised to expand its user base and cross-border payments as well as enhancing its research and development capabilities.
CICC, Citigroup, JPMorgan and Morgan Stanley are sponsoring Ant's IPO in Hong Kong, while CICC and China Securities Co are leading the float's onshore leg. The app had more than 1 billion users and 711 million monthly active users. This compares to revenues of 120.6 billion yuan ($17 billion) for the whole of 2019 with profits of 18 billion yuan ($2.5 billion).
The shift is expected to reduce Chinese regulatory pressures on Ant, which previously came under scrutiny for its Yu'E Bao money-market fund, which became the world's largest by providing outsized investment returns from customers' idle Alipay balances.
The Ant Group, billion-dollar unlisted tech firm, did not disclose the size, timetable or other key details of the offering in its preliminary prospectus.
The company is also seeing a shift in its revenue structure, generating a greater contribution from technology services fees.
The sale offers a potential windfall for a raft of US private equity firms, including Silver Lake Management LLC, Warburg Pincus LLC and Carlyle Group Inc., which all invested at least $500 million in the firm's latest 2018 funding round, people familiar with the matter have said.
Its revenues rose to $10.5bn in the first half of 2020, up nearly 40pc compared to the same period previous year.
Ant's initial public offering would be the first simultaneous listing in Hong Kong and the year-old STAR Market, boosting Hong Kong's status as an global IPO market and helping enhance STAR as a capital markets center. Alibaba returned with a $13 billion secondary listing past year in Hong Kong. Ma said in 2018 that his promise to create 1 million U.S.jobs was impossible to fulfill because of the trade tensions. In China, it is building out consumer and technology services, including cloud computing, artificial intelligence, blockchain, robo advisory and loan advisory.
Congress leader Rahul Gandhi said he was disturbed by the Raigad building crash and sympathised with the families of the victims. At least two people have died and seven injured in a building collapse in Kajalpura area of Raigad district of Maharashtra.
When you're on a website, you can click the generator and quickly create a dino-themed QR Code that you can scan or download. Thanks to "under-the-hood performance improvements", Chrome tabs load up to 10 percent faster, Google says.
According to the Protocol report, both Apple and Spaces did not immediately respond to a request for a comment on the acquisition. The company had to shut down its VR centres at the beginning of the Covid-19 pandemic, laying off several staff members.
As of Monday morning, was around 135 km from the mouth of the Mississippi River, with maximum sustained winds of 80 km/h. Marco, a system that approached land ahead of Laura, weakened into a remnant just off Louisiana's shore on Tuesday.
Yet another video showed a man with a severe arm wound sitting on the ground and being aided by an armed man as police approached. Milwaukee Journal Sentinel A city truck burns outside the Kenosha County courthouse in Kenosha on Sunday, Aug. 23, 2020.
In the US and other wealthier nations, children receive a polio vaccine injection that contains inactivated virus. Each time a child under the age of five is vaccinated, their protection against the virus is increased.
Twenty-four of Saturday's new cases are in the southwestern Prairie Mountain Health region, the province said in a news bulletin. More than 2.7 million COVID-19 tests have been conducted in Ontario since the disease reached the province in late January.
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Federal unemployment aid complicates state benefits
In New York, you have to be unemployed and receiving at least $100 in State or PUA benefits per week to qualify. FEMA will work with Governor Cuomo's office to establish a system making funding available for New Yorkers.