China’s fintech unicorn Ant Group preps IPO

Alipay’s parent company, Ant Group, recently announced that it launched the process of a concurrent initial public offering (IPO) on the Shanghai Stock Exchange’s STAR Board (SSE STAR) and the Stock Exchange of Hong Kong Limited (SEHK).

Alipay is one of China’s largest third-party mobile payment platforms and is an affiliate of Jack Ma’s Alibaba. The company said it served more than 1.2 billion users across the world by the end of June 2019.

Besides funding the company’s growing investment in research and innovation, the listing aims to further support digitalization of the service industry in increasing domestic demand as well as develop partners in sustainable global markets.

“The innovative measures implemented by SSE STAR market and the SEHK have opened the doors for global investors to access leading edge technology companies from the most dynamic economies in the world and for those companies to have greater access to the capital markets. We are thrilled to have the opportunity to play a part in this development,” said Eric Jing, executive chairman of Ant Group.

“Becoming a public company will enhance transparency to our stakeholders, including customers, business partners, employees, shareholders and regulators. Through our commitment to serving the under-served, we make it possible for the whole of society to share our growth,” Jing added.

The IPO announcement on July 20 led Ant Group and Ali stocks to surge. according to jiemian.com.

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