Ant Financial has kicked off an IPO set to value the company at $200 billion, with a concurrent listing on the Shanghai Stock Exchange’s Star board and The Stock Exchange of Hong Kong
The sky-high valuation would make the Chinese giant the world’s most valuable fintech company, surpassing state-owned China Construction Bank, and just shy of Bank of America.
Eric Jing, executive chairman states: “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."
The innovative concurrenct listing "will help the company accelerate its goal of digitising the service industry in China and driving domestic demand, as well as position the company to develop global markets with partners and expand investment in technology and innovation," says the firm in a statement.