An employee stands next to the logo of Ant Financial Services Group, Alibaba's financial affiliate, at its headquarters in Hangzhou, Zhejiang province. – REUTERSPIXChina's Ant Group plans to raise about half of its US$35 billion dual listing in Hong Kong and will not offer a cornerstone tranche as it bets on strong demand from institutional investors, sources said.
The financial technology firm is seeking to raise about US$35 billion after assessing early investor interest and based on a higher valuation of about US$250 billion or more, Reuters has reported. While the cornerstone practice is common in several Asian markets and helps bolster demand for large deals, such investors generally tend to push for as low an IPO price as possible, denting issuers' ambition for higher valuations.
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