The Ant Group logo and the Alibaba Group logo are displayed at the company’s headquarters in Hangzhou, China.
Kilai Shen | Bloomberg | Getty Images
Prices for the giant double list of Chinese fintech giant Ant Group were set on Friday night, Alibaba founder Jack Ma said on Saturday.
This is the first time that the pricing of the initial public offering, which sources say could be a world record of $ 35 billion, has been set outside of New York, he said at the Bund summit in Shanghai̵
Supported by Chinese e-commerce giant Alibaba, Ant plans to list both in Hong Kong and STAR Market in Shanghai in the coming weeks.
The listing could be the largest initial public offering in the world, surpassing Saudi Aramco’s record of $ 29.4 billion last December. The IPO will also be the first simultaneous listing in Hong Kong and the annual STAR market in Shanghai.
Ant was scheduled to hold a price consultation for the offering in Shanghai on October 23 and will set the price on October 26, according to its updated prospectus filed with the local stock exchange.
For the Hong Kong leg, Ant plans to open order books next week. Its shares are likely to start trading a few days after the November 3 US presidential election, sources said.
Ma said the global financial system was outdated, adding that current regulations were slowing down innovation. He called for a new, inclusive and universal financial system that benefits small businesses and individuals and stimulates future growth.