Ant Group, the online payment service arm of Chinaโs Alibaba Group, today announced on Weibo that it plans dual listing on Shanghai's STAR board and HK.
The Sci-Tech innovation board (STAR Market) was launched last year by the Shanghai Stock Exchange.
Ant Group seeks at least $200 billion valuation, according to Bloomberg.
Ant Group was launched in 2014 to provide global financial services. Based in Hangzhou, China, the company operates Alipay, an online payment service that debuted in 2004 and has evolved into the worldโs largest payment and lifestyle platform.
The purpose of the listing of Ant Group is to further support the digital upgrading of the service industry to increase domestic demand and strengthen global cooperation to help global sustainable development, the company said.
The funds will also be used to support the company to increase technology development and innovation, it said.
The SSE said it welcomes Ant Group and this demonstrates the market attractiveness and international competitiveness of the STAR board as the "preferred listing place" for Chinese technology companies.
Hong Kong Exchanges and Clearing Chief Executive Charles Li commented:
We are delighted that Ant Group today announced its plans to conduct an initial public offering in Hong Kong and Shanghai.
The fact that Ant Group has chosen to apply for a listing on the Hong Kong Stock Exchange reaffirms Hong Kong's position as the world's leading market for IPO capital raising.
We will continue to welcome innovative and leading companies from around the world to list in Hong Kong with open arms.
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