Ant Group, the fintech arm of Alibaba, plans to go public in Hong Kong float as soon as this year, Reuters reported citing two sources with knowledge of the matter, adding it targets a valuation of more than $200 billion.
Ant Group had been looking to sell shares in Hong Kong and the Chinese mainland simultaneously, but is now leaning heavily towards Hong Kong first because it would probably face a smoother listing process, the sources said.
It is looking at selling between 5% and 10% of its shares in an initial public offering, said one of the sources. This would become one of the world’s biggest listings this year.
The company has been working with its advisers on the planned float in recent months, said the sources, who cautioned that details have yet to be finalized and are subject to change.
In response, Ant said the information about its IPO plans was incorrect.
Ant, based in China’s eastern city of Hangzhou, is 33% owned by Alibaba and is controlled by Alibaba founder Jack Ma.
Although valued at about $150 billion in its last funding round in 2018, small trades in the secondary market late last year gave it an implied valuation of $200 billion.
