Alibaba's Ant Group plans to raise $30 billion in a dual listing in Shanghai and Hong Kong that is expected to happen as soon as September, according to the Hong Kong Economic Journal.
Ant Group, currently valued at about $200 billion, is expected to issue 15 percent of its shares in the IPO, of which 10 percent will be issued on the Chinese mainland's Nasdaq-style sci-tech innovation board, also known as the STAR market. The other 5 percent will be issued on the Hong Kong Stock Exchange.
If this turns out to be true, then it will issue $20 billion, or about 140 billion yuan, at the STAR market.
By comparison, as of July 21, 2020, the STAR market has seen 133 offerings and just over $200 billion in capital raised.
Based on the aforementioned capital raised, Ant Group is expected to surpass Saudi Aramco and become the largest IPO in history.
The STAR market currently covers a wide range of innovative industries such as new-generation information technology, high-end equipment, biomedicine, new materials, new energy, energy conservation and environmental protection, and has produced six leading companies with market capitalizations of hundreds of billions of dollars.
If Ant Group goes public, it is expected to become the first trillion market cap company in the STAR market.
When Ant Group goes public, the top executives of Ant Group and Alibaba will have at least 58 billionaires, with the highest net worth of 140 billion yuan and the lowest net worth of 666 million yuan.
And the veteran employees who joined Ant in the first place have almost all achieved financial freedom.
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