An employee stands next to the logo of Ant Financial Services Group at its headquarters in Hangzhou, Zhejiang province, China January 24, 2018. — Reuters pic
Three of the sources said the main underwriters are also discouraged from working on assignments for competitors. “This is not only to ensure that the banks focus on getting the deal done, and getting it done well, but also to create a sense of competition both among the underwriters and investors,”A person close to Ant, whose status as the world's biggest unicorn and China's top fintech group has resulted in a rapid rise in valuation, said all the banks had the same information and access to data about the company.
The banks have also had to sometimes choose between Ant and deals for the fintech giant's competitors. Exchanges and regulators scrutinise the IPO prospectus and question the company about key issues including its financials, corporate governance, shareholders and risk factors as part of the review.
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