Ant Group, the online payments giant affiliated to Chinese e-commerce leader Alibaba, said on Monday, July 20, it had taken the first steps toward a blockbuster dual listing in Shanghai and Hong Kong that could be among the biggest in years.
The announcement did not give any details on the timing or size of the issue, saying only that Ant Group had"commenced the process" for launching an eventual listing. The statement quoted Eric Jing, Executive Chairman of Ant Group, as lauding the STAR market for allowing global investors access to companies such as his, and giving Chinese tech titans wider access to world capital markets."Becoming a public company will enhance transparency to our stakeholders, including customers, business partners, employees, shareholders and regulators."
Tech analysts say Ant Group controls more than half of China's huge mobile-payments sector, which it fiercely contests with Chinese rival Tencent.
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