HONG KONG: Hong Kong's brokerages are readying billions of margin-lending dollars to tap an expected surge in retail demand for China's fintec giant Ant Group's likely US$35 billion dual-listing in Hong Kong and Shanghai in the next few weeks, industry officials said.
Ant, which operates China's biggest mobile payments platform Alipay, is backed by Chinese e-commerce group Alibaba Group Holding . Retail investors in Hong Kong - from taxi drivers to junior professionals - borrow heavily as larger bids boost the chances of IPO share allocation, and they look to benefit from a first-day pop.
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