Qilai Shen | Bloomberg Getty Images
Alibaba founder Jack Ma said Saturday night that Chinese fintech pricing for the giant Ant Group’s huge dual list.
This is the first time the pricing of a public offering, which sources said could have a world record $ 35 billion, has been set outside New York, he told the Bund Summit at Shanghai’s Eastern Financial Center.
Supported by Chinese e-commerce giant Alibaba, Ant plans to list together in Hong Kong and Shanghai’s Star Market in the coming weeks.
The list could be the world’s largest initial public offering, surpassing the record set by Saudi Aramco’s $ 29.4 billion float last December. The IPO will be listed for the first time in Hong Kong and together with the year’s Star Market in Shanghai.
Ant was set to conduct a price consultation for the Shanghai offering on October 23 and will set the price on October 26, according to the updated prospectus filed with the local exchange.
For Hong Kong leg, Ant plans to open an order book next week. Sources said its shares are likely to start trading a few days after the November 3 US presidential election.
Ma said that the global financial system is outdated, adding that current regulations were slowing innovation. He called for the establishment of a new, inclusive and universal financial system that benefits small companies and individuals and drives future development.