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Ant Group

In Marker. More on Medium.

Earlier this summer, Marc Rubinstein wrote for Marker about how Alibaba founder Jack Ma’s Ant Group became the “fintech to beat all fintechs.” Now, the company can add another record under its belt: world’s largest-ever initial public offering to date. New filings on Monday reveal that the Chinese online payments behemoth is slated to raise $34.4 billion in Shanghai and Hong Kong on November 5, bypassing the U.S. stock exchange entirely and shattering the previous $26 billion IPO record held by Saudi Arabia’s oil giant Aramco from last December. …

Alibaba built the “Amazon of the East.” Now, its fintech spinoff is set to be the biggest IPO of the year.

Ant Financial logo on a building.
Ant Financial logo on a building.
A logo hangs on a building of Ant Group, a leading provider of financial services technology in China, on July 23, 2020 in Hangzhou, Zhejiang Province of China. Photo: Wu Jun/VCG/Getty Images

In an IPO market that’s on fire, the biggest is yet to come: Ant Group, a Chinese online payments giant, created by Alibaba founder, Jack Ma. The company filed for its IPO this week and is expected to be the most valuable company ever to go public on a global stock exchange. The company plans to sell 10% of its shares on Shanghai’s Nasdaq-like exchange and 5% on the Hong Kong Stock Exchange, according to MarketWatch.

The Chinese company is looking to raise a record-breaking $30 billion in its IPO, which is expected to happen by October (for context, Saudi…

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