Chinese e-payments giant Ant Group said on Monday it plans to raise US$34 billion in a listing shared between Hong Kong and Shanghai, making it the biggest initial public offering in history.
The financial arm of e-commerce titan Alibaba, Ant Group runs Alipay, the dominant online payment system in China, where cash, cheques and credit cards have long been eclipsed by e-payment devices and apps. Ant is closely stitched into everyday life in China, providing a nearly complete banking service from digital payments to micro-investments and insurance. It claims an annual transaction volume exceeding 118 trillion yuan, with more than 700 million monthly active users.
"This was the first time such a big listing, the largest in human history, was priced outside New York City," he told the Bund Summit in Shanghai on Saturday, in comments reported by Bloomberg.
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