Ant Group aims to raise USD 35 billion via the share sale in a joint listing in the semi-autonomous finance hub. The plan values Ant Group at about USD 250 billion. The company runs Alipay, the dominant online payment system in China, where cash, cheques, and credit cards have been mostly replaced by epayment devices and apps.
Ant Group has also been granted approval by Hong Kong’s stock exchange. In September 2020, the Shanghai Stock Exchange's Star Market platform gave its approval for a listing, which meant the company firm only needs a final, formal approval from the China Securities Regulatory Commission (CSRC).
In its August 2020 filing, Ant Group said it would use the proceeds to expand cross-border payments and enhance its research-and-development capabilities.
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