Alibaba founder hopes for record flotation with payment company Ant Group

According to the Financial Times, the Chinese company is aiming for a return of 25 billion euros with the sale of about 10 to 15 percent of the shares. This brings it close to last year’s record of oil giant Saudi Aramco, which, incidentally, achieved only 1.73 percent of the shares.

FinTech

The Ant Group is the world’s highest rated ‘FinTech’ – financial technology – company. Last year’s turnover rose by more than 40 percent. In the first half of this year, more than 2.5 billion euros more profit was made than in the whole of 2019, writes NRC.

Jack Ma not only has a majority stake in Ant Group, but is also co-founder of Alibaba. Through the website billions of parcels are sent worldwide every year

Local investors

The Ant Group is going public in Hong Kong and Shanghai. According to The New York Times this is partly because the company wants to attract local investors who know Alipay. The difficult relationship between China and the United States would also play a role. President Trump has been caught up in a battle for weeks to ban Chinese apps such as WeChat and TikTok.