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Jack Ma’s company steps forward to become world’s biggest share offering at £26bn



Jack Ma

Ant Group, a financial technology company belonging to Chinese billionaire Jack Ma, has stepped new heights as it reportedly aims to raise more than $34bn (£26.15bn) through public stock.

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The feat, if achieved, will rank the group as the world’s biggest initial public offering, valuing the business at more than $313bn.

The group, snubbing the U.S., plans to list on Shanghai and Hong Kong stock markets. As of Monday, Oct. 26, Ant Group sets the price for its much anticipated flotation to beat the record $25.6bn sold by state-backed oil giant Saudi Aramco in its flotation last December, sources familiar with the bid reported.

According to the Jack Ma company, its management team had decided to bypass US markets, acknowledging that it is splitting its shares equally between the Shanghai and Hong Kong stock markets as it seeks to raise about $17.2bn in each city.

Analysts noted, however, that the snub of US markets, which are already replete with tech giants from Google and Facebook to Apple and Amazon, is a coup for Asia’s financial centres and comes amid rising political and trade tensions between Beijing and Washington.

Recall that the Donald Trump’s administration has proposed legislation that could force Chinese companies to delist from US markets if they refuse to provide regulators with access to their audit reports.

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