Ant Group IPO pricing "history's largest", says Alibaba's Jack Ma
FILE PHOTO - Jack Ma, founder and executive chairman of China's Alibaba Group, speaks in front of a picture of SoftBank's human-like robot named 'pepper' during a news conference in Chiba, Japan, June 18, 2015. REUTERS/Yuya Shino/File PictureSHANGHAI: The mammoth dual listing for Chinese fintech giant Ant Group will be the world's biggest, according to a pricing determined on Friday night, Alibaba founder Jack Ma said on Saturday.
Sources have said the listing could be worth US$35 billion, surpassing the record set by Saudi Aramco's US$29.4 billion float last December.Ma said the financial and regulatory system stifles innovation, calling for a revamp to extend financial services to more small firms and individuals on the basis of technology - an ethos that Ant is largely based on.
In China, banks still operate with a strong"pawnshop" mentality, demanding collateral and guarantees before lending, a model that will fail to fuel future growth, he said.
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