Alibaba's Ant Group files for IPO in Hong Kong, Shanghai

Ant Group, the financial technology arm of Chinese e-commerce giant Alibaba Group, on Tuesday filed for a dual-listing in Hong Kong and Shanghai, in what may be largest share offering since the coronavirus pandemic began.

The initial public offering will be the first dual listing on the Hong Kong exchange and Shanghai’s STAR Market. The company's filing did not disclose the timetable for its public offering or how much money it hopes to raise.

Ant Group was valued at $150 billion in a private fundraising round in 2018, making it the most valuable unicorn in the world.

Ant Group operates Alipay, one of China’s two dominant online payments services. Over a billion users use Alipay to pay for purchases both online and in stores, to send money to friends and to pay bills.

The company also runs one of the world’s largest money market funds and runs Sesame Credit, a private credit rating system for its users.

Image credits: Alibaba