+1.29%, The non-IFRS profit represents profit before accounting for equity-based compensation, royalty and service payments, gains on the disposal of subsidiaries, and some other items. Notably, there is no mention of a U.S. IPO, unlike NYSE listed Alibaba, the company that started Alipay and is a major shareholder. Ant Group is headed for the largest initial public offering in history, as the Chinese financial-technology juggernaut chases a valuation that would rival the biggest payments companies in the world. Ant’s IPO is gearing up to be larger than that of Saudi Aramco, which brought in more than $25 billion in the biggest IPO to date. Ant, in its upcoming dual listing, is speculated to be worth more than some of the biggest banks from Wall Street [3]. Summary: In an IPO market that is to date nothing short of exuberant, the biggest this year is yet to come. SCHW, The company priced its Hong Kong-listed shares at HK$80 a share and its Shanghai-listed shares at 68.8 yuan. According to … 700, Ant also offers investment services through the distribution of money-market funds, as well as wealth-management and insurance options. The company, which filed its preliminary prospectus in late August, is expected to be listed in October. Ant said in a prospectus that its offer price of HK$80 a share implies a market capitalization of HK$2.43 trillion, which equates to about $310 billion. With Ant looking to sell 11% of it which operates the WePay platform, but, while the companies are close in terms of the amount of consumption spending they help facilitate, Ant, Bernstein’s Kwek said, is “well ahead” in the other areas of its business. Ant Group’s total outstanding shares post-IPO (A-shares + H-shares): 30,376,487,820 (comprising 76.97% in A-shares, 23.03% in H-shares) Post-IPO market cap : US$314bn, based on IPO price Do note that the above figures do not include the exercise of the over-allotment option , where up to an additional 15% of IPO shares may be issued, raising an additional ~US$5.2bn in cash proceeds. Ant Group plans to raise about $30 billion in an IPO. Three of the sources said bankers at firms with the lead underwriting roles had been asked to sign confidentiality pacts. But other areas of the business are more interesting, Bernstein’s Kwek argued in a note to clients, particularly the company’s credit business, in which Ant originates loans that are almost entirely underwritten by financial partners, giving the company useful loan insights without requiring it to take much balance-sheet risk. The Shanghai trading date has not yet been disclosed. Ant is affiliated with e-commerce giant Alibaba , which raised a record $25 billion when it debuted on Wall Street in 2014 — still the world's second largest IPO to date. The banks have also had to sometimes choose between Ant and deals for the fintech giant’s competitors. Ant goes beyond what PayPal and Apple Inc.’s Updated: 28 Oct 2020, 05:31 AM IST Bloomberg. What about me. Copyright © 2020 MarketWatch, Inc. All rights reserved. The Hong Kong exchange is about a month into its review. App-based payments are commonplace in China, even for in-person transactions, and this is perhaps the most well-known aspect of Ant’s business. Public disclosures from the bourse for other listings that obtained approval in September show it took about four months, on average. See: These are the Chinese fintech firms you should be aware of. VIDEO 1:37 01:37 Ant Group's record-breaking IPO is a 'huge win' for China In another case, food delivery giant Meituan Dianping 3690.HK believed JPMorgan could not carry on the work of its credit rating ahead of a potential bond issuance as it primarily competes with a business controlled by Ant and Alibaba, two sources with knowledge of the matter said. Ant’s control over information comes as the regulatory process around the listing has moved quickly. The sale vaults Jack Ma’s fortune to $71.6 billion.reuters Ant plans early book close for HK IPO due to great demand 2 min read. China's regulators then issued a … Ant's IPO-ANTG.SS measures, which have not been previously reported, are frustrating some bankers and investors, and sometimes sowing confusion in the market, three of the sources said. The Shanghai Stock Exchange cleared the listing in 24 days, compared with roughly four months for most IPO candidates that obtained approval in September, according to public disclosures from the exchange. -0.40% Some banks on the deal, for example, did not know that the IPO’s Hong Kong leg would not have any cornerstone investors that usually commit to buying large stakes and hold shares for some time, said four sources with direct knowledge of the matter. “Equity ownership allows us to participate in the long-term value creation of Ant Financial as opposed to the quarter-to-quarter fluctuations of a profit share,” Executive Vice Chairman Joseph Tsai said on the company’s earnings call at the time. Bernstein analyst Kevin Kwek sees the payments component as a “hook product” for the company that may have limited profit potential but helps the company bring in new users who can then try out more lucrative services. The credit business is “maybe the gem” of Ant’s business, Kwek wrote. Chinese fintech firm Ant Group is going public in an IPO that analysts say could raise as much as $30 billion and occur as soon as October. DATE: 3 minutes ago / SOURCE: Yicai. The lead banks usually also run the entire process and competitive concerns are handled through Chinese walls that separate teams working on different deals. Hong Kong stockbrokers are so confident Ant Group’s blockbuster IPO will go smoothly that they’re offering to let mom-and-pop investors buy the stock with as much as 20 times leverage. +0.28% This could mean “limited increase in take rates,” or the amount of money that Ant retains for helping to facilitate various financial interactions, as the company fends off competition. Duncan Lam Introduction As October drew to a close, the financial world was in a frenzy as Ant Group prepared to raise USD$34.4 billion in what would have been the largest IPO in history, easily surpassing the previous record of $29.4 billion raised by Saudi Aramco last December. All eyes will be watching when the Alibaba company lists in Shanghai and Hong Kong as the largest IPO of all time. Alipay is China’s largest mobile payments business operated by Ant Group. Experts agreed that this could also have a major impact on the fintech company’s valuation. The fragmentation of the process has sometimes caused difficulties. By Thomas Yeung, CFA, InvestorPlace Markets Analyst Oct 5, 2020, 5:16 am EST. TCEHY, said that clients could access stocks listed in Hong Kong but not those listed in Shanghai. +2.05% Alibaba here Then, during its secondary listing in Hong Kong last year, it also made advisers personally sign confidentiality agreements. Ant, which runs China’s immensely popular Alipay mobile wallet, is set to raise about $34.5 billion through the offering. In doing so, Ant is following a highly unusual process that draws on some of the tactics its former parent and affiliate Alibaba Group Holding Ltd. measures, which have not been previously reported, are frustrating some bankers and investors, and sometimes sowing confusion in the market, three of the sources said. -0.05% The Hong Kong leg of the IPO is being sponsored by China International Capital Corp (CICC), Ant's listing on Shanghai's Nasdaq-style STAR Market is being led by CICC and China Securities Co (CSC), dropped out of an IPO of rival JD Digits, an affiliate e-commerce company JD.com. +2.70%, The Alibaba Group Holding Ltd.–affiliated company controlled by Jack Ma is listing its shares concurrently on the Hong Kong and Shanghai exchanges. While banks typically sign non-disclosure agreements when taking on underwriting assignments, companies rarely ask bankers to personally do so as well. Previously, the record was $29.4 billion by Aramco. Ant Group, China's dominant mobile payments firm, are set to dominate the listed fintech space with their upcoming, humongous, record setting IPO. [1]. See here for a complete list of exchanges and delays. When is the Ant Financial IPO date? “It’s what everyone wants, so we’ll rush it through,” Howie said. The STAR market approved the Shanghai listing about a month ago. V, Some of these banks were preparing to market orders for their clients and had to switch them to a different kind of allocation instead, two of the sources said. Ant’s main competitive pressures come from Tencent Holdings Ltd. Ant’s IPO is gearing up to be larger than that of Saudi Aramco, which brought in more than $25 billion in the biggest IPO to date. Read: Alibaba says it will buy 22% of Ant Group shares in IPO. BAC, All quotes delayed a minimum of 15 minutes. In doing so, Ant is following a highly unusual process that draws on some of the tactics its former parent and affiliate Alibaba Group Holding Ltd BABA.N previously used. The company posted a non-IFRS profit of RMB 24.2 billion for 2019, after recording a loss of RMB 18.3 billion in the prior year. Ant added RMB 8.9 billion in revenue from insurance technology and RMB 17 billion from investment technology. A spokesman for Robinhood said the company doesn’t currently support stocks trading on foreign exchanges. The company was approved for both the Hong Kong Stock Exchange and Shanghai’s Star Market. IBKR, The U.S. government is looking to impose stricter restrictions on Chinese companies listed on U.S. exchanges. +2.03% “But to witness the growth at this scale was indeed a surprise.”. About a week later, Ant priced its shares at $10.32 and $10.26, respectively. Analysts view the payments portion of the business as a gateway that brings users in to Ant’s more complex offerings. Consider that the biggest IPO to date was Saudi Aramco, which raised $29.4 billion. The real question for Kwek is what Alibaba will need to do to maintain its edge. MA, My father moved his girlfriend, her cousin and two kids into his 2-bedroom condo. -0.04% Unlike Western mobile wallets, Ant’s platform touches on nearly all aspects of one’s financial life. +1.23% ($407 billion). I struggle to pay rent. Our Standards: The Thomson Reuters Trust Principles. October 8, 2020. Trading is expected to begin Nov. 5. HONG KONG — Retail investors placed bids for a record $3 trillion of shares in Ant Group Co Ltd’s initial public offering (IPO), set to be the world’s biggest, as mom-and-pop savers bet on demand for its financial services in China. Trading in Hong Kong is expected to begin on November 5. The fund manager, who is an existing Alibaba shareholder, said that he had not come across that condition in any other IPOs in this region. Ant Group aims to create the infrastructure and platform to support the digital transformation of the service industry. Facebook launched a PR assault against Apple on Wednesday, proclaiming that the iPhone maker's upcoming changes to its mobile operating system will hurt small businesses' ability to target advertising and app makers' ability to offer free content. Reporting by Kane Wu, Julie Zhu and Scott Murdoch; Additional reporting by Samuel Shen and Josh Horwitz; Editing by Sumeet Chatterjee, Paritosh Bansal and Edward Tobin. Not long ago, the initial public offering (IPO) for Alibaba-backed financial services company Ant Group was expected to be the world’s biggest IPO. Ant Group's IPO could come as soon as October, according to Bloomberg. Giants were up by 11 with five minutes left so I flipped to the debate. ($231 billion) and JPMorgan Chase & Co. previously had a profit-sharing arrangement with Ant in which Alibaba received 37.5% of the company’s pretax profits, but Alibaba announced in early 2018 that it would be switching to an equity structure. Reuters could not determine whether Ant was asking all potential investors to do the same. Emily Bary is a MarketWatch reporter based in New York. +2.66% Article content. The Chinese fintech company founded by former Alibaba Group Holding (BABA) Executive Chairman Jack Ma operates the e-commerce giant's Alipay payment … Taken together with what has been a fast pace of regulatory approvals for the IPO, they pose the risk that the offering will not get sufficient scrutiny, some lawyers and banking experts said. The person close to Ant said it had been responding to the Hong Kong exchange’s queries and had no control over the pace of the process. The Hong Kong leg of the IPO is being sponsored by China International Capital Corp (CICC) 3908.HK, Citigroup Inc C.N, JPMorgan Chase & Co JPM.N and Morgan Stanley MS.N. In 2004, Alipay launched as an escrow service to address the issue of trust between online buyers and sellers in the early days of e-commerce in China. That valuation would mean Ant is worth more than Bank of America Corp. Log In Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. China’s PayPal rival, Alipay, is owned by Ant Group [5]. Ant's listing on Shanghai's Nasdaq-style STAR Market is being led by CICC and China Securities Co (CSC) 6066.HK. I continue to go through the Ant Group filing and I will report my key takeaways on Monday. While Alibaba shares are listed in the U.S. and Hong Kong, Ant is aiming for a dual listing of its shares in Hong Kong and Shanghai amid tensions between the U.S. and China. , before it was granted a role in Ant's listing, three sources familiar with the matter said. (Ant didn’t disclose its listing date or how much it … “Ant is [about five times] bigger on loans under management, [about four times] bigger on assets under management on the wealth-management side, and [about three times] more on insurance partners,” he wrote in a note to clients. “The Tencent competitive threat exists, but isn’t that large today.”. Other unique measures taken by Ant include dividing up the underwriting work for what could be a $35 billion offering among several banks such that no one firm has the full picture of the process, four sources with direct knowledge of the matter said. “We, together with Alibaba, are building the infrastructure for commerce and services,” Ant said in its filing. This was Jing’s first public appearance since Chinese regulators put Ant’s initial public offering on ice on Nov. 3. Ant Group’s IPO could be the world’s largest, according to Reuters, “surpassing the record set by oil giant Saudi Aramco’s $29.4 billion float last December.” Ant “looks to increase its offering size to $35 billion from up to $30 billion, targeting a valuation of about $250 billion or more,” says Reuters. The documents Ant filed to the Hong Kong Stock Exchange on Tuesday … The Alipay app is “synonymous with digital payments in China,” Ant said in its filing. ($210 billion), PayPal Holdings Inc. “They could change or be reinterpreted to be burdensome or difficult for us, businesses on our platform or our partners to comply with,” the company cautioned. In another case, food delivery giant Meituan Dianping. Shanghai stock exchange and China Securities Regulatory Commission did not respond to requests for comment. Investors should check with their brokerages for specific rules. AAPL, A Hong Kong-based fund manager said he was told by one of Ant’s banks that he had to complete a one-page document outlining his interest in the company before he was allowed to attend. ($316 billion) and Visa Inc. By his math, with a “conservative” assumption that the company only made one loan to each of its 500 million loan customers over the past 12 months, Ant would have originated 16 loans per second. Apple Pay do, offering services for everything from payments to credit to insurance to investments within Alipay, which the company calls a “ubiquitous super app.” Ant counts more than a billion annual active users for the Alipay app and 711 million monthly active users. Ant Group will now proceed with a roadshow to market the IPO to investors and will price the shares on Oct. 27. PYPL, The Hong Kong exchange said it has robust and well-established rules and processes for listings. The Ratings Game: Square stock gets an upgrade as Cash App enthusiasm keeps growing. The debate and the Giants/Eagles game were distractions last night. BABA, It sends a bad signal.”. Ant lists synergies with Alibaba among its business strengths in its filing. Publishing date: Oct 30, 2020 • • 3 minute read. Ant generated RMB 120.6 billion ($17.7 billion) in revenue over the course of 2019, up from RMB 85.7 billion a year earlier. The company’s latest annual total consisted of RMB 51.9 billion in digital-payments revenue and RMB 41.9 billion in credit-technology revenue. +3.88% “In evaluating applications, the Exchange seeks to ensure strong investor protection and maintain market quality,” it said in a statement. In its $25 billion IPO in 2014, Alibaba divided up the work so that no single external adviser had the complete picture of its offering, Reuters reported at the time. HONG KONG (Reuters) - Ahead of what’s likely to be the world’s largest initial public offering, China’s Ant Group Co Ltd is asking lead bankers to personally sign confidentiality pacts and pressing some investors to explain why they should be allowed to attend marketing meetings, sources familiar with the matter said. Here are five things to know about Ant as it prepares for a public debut. Ant is planning a dual-listing in Shanghai and Hong Kong. The company will start the IPO roadshow on the same day. It said it would list on the Shanghai Stock Exchanges’ STAR board and the Stock Exchange of Hong Kong (HKEX/SEHK). ($306 billion), but less than Mastercard Inc. “Everyone has heard of the ‘fintech model,’ where data insights from online activities will be used for underwriting and everything will happen digitally (and quickly, even instantaneously),” he wrote. Ant Group is expected to release the pricing of its shares by Oct. 27. BABAF, +0.29% Ant Group IPO date is a moving target as some say next Friday while a Mainland broker said Friday, November 6 th. Tue, Sep 08, 2020 - 5:50 AM. Ant Group: why America is missing out on the biggest IPO in history September 1, 2020 9.01am EDT • Updated September 2, 2020 8.53am EDT Daniel Broby , University of Strathclyde Beyond the equity interest, Ant and Alibaba collaborate on business-related issues. Although the company's IPO date hasn't been set, it could happen in the next few months. The company is best known for its mobile-payments offering, but it aims to be a one-stop financial hub that also provides access to wealth management, investing and insurance services. Now, Alibaba has a 33% stake in Ant through its subsidiaries, a move that analysts thought would help the Chinese e-commerce giant benefit from a potential Ant IPO down the line. Three of the sources said the main underwriters are also discouraged from working on assignments for competitors. The IPO could be postponed by at least six months, as Financial Times stated in a press release. CICC, Citigroup, JPMorgan and Morgan Stanley declined to comment. A spokeswoman for Charles Schwab Corp. That number has only been surpassed by Saudi Aramco, which raised $29.4 billion in its Riyadh IPO in December 2019. Ant mentions in its filing that China’s “laws, rules and regulations are highly complex, and continuously evolving” as it relates to obtaining and maintaining the proper approvals for doing business. Exchanges and regulators scrutinise the IPO prospectus and question the company about key issues including its financials, corporate governance, shareholders and risk factors as part of the review. “This is not only to ensure that the banks focus on getting the deal done, and getting it done well, but also to create a sense of competition both among the underwriters and investors,” Espinasse said. Ant Group hasn't priced its stock for the coming IPO yet. CITIC Securities 600030.SS dropped out of an IPO of rival JD Digits, an affiliate e-commerce company JD.com 9618.HK, before it was granted a role in Ant's listing, three sources familiar with the matter said. This meant the Ant Financial IPO would be the biggest to date, set to raise $34.4 billion. Ant is raising at least $34.5 billion in an IPO that attracted more than $3 trillion of retail orders. Alibaba owns 33% equity in Ant Group [3]. ... @2020 Ant Group IPO . It was a shock for investors worldwide: Only a few days before the supposedly largest stock market debut in the world, the Alibaba financial subsidiary Ant Financial canceled its double IPO. However, the company hasn't picked a firm date for its public listing. Ant Group IPO date is a moving target as some say next Friday while a Mainland broker said Friday, November 6 th. CSC did not respond to a request for comment. “It bodes badly for those who care about maintaining standards. Ant Group is going public in what could mark the biggest 2020 IPO globally to date. Billionaire Jack Ma’s Ant Group is poised to pull off what could be the biggest initial public offering ever by simultaneously listing in Hong Kong and Shanghai. for example, told MarketWatch that its international investors could access stocks on both exchanges. Investors’ participation in the marketing roadshows for the IPO is also being tightly managed. Ant Group's listing will raise a total of just under $34.5 billion, making it the biggest IPO of all time. A spokeswoman for Interactive Brokers Group Inc. The big news was the green light for Ant Group’s Hong Kong IPO from the local regulators as speculation on the listing date is either the first or second week of November. The companies work together by “sharing insights” derived from their platforms, expanding cross-border efforts, and “jointly serving” both consumers and merchants. Philippe Espinasse, an Asian capital markets consultant and former banker, said there is merit in tightly controlling the process for such a large transaction. priced its Hong Kong-listed shares at HK$80 a share, These are the Chinese fintech firms you should be aware of, Square stock gets an upgrade as Cash App enthusiasm keeps growing, Alibaba says it will buy 22% of Ant Group shares in IPO, put up roadblocks to Ant’s growth in the past, Aphria, Tilray stocks jump after report that cannabis companies are discussing merger, Wish prices IPO at $24 to raise more than $1 billion, Bad news for parents: Remote learning is here to stay for many K-12 schools, Tilray stock soars after reverse merger deal with Aphria, to create largest global cannabis company, Paycheck protection program has gone from business lifesaver to a mess. 9988, Ant Group is China’s largest fintech company and was spun off from Alibaba. Ant Group has also retained various U.S. Wall Street firms to lead the offering. JPM, -0.46% US$200b IPO for Ant will be a cheap buy. The Shanghai Stock Exchange called off Ant’s IPO, which would have been the world’s largest-ever, citing new administrative requirements. Ant expects to go public by the end of October, sources have said. A person close to Ant, whose status as the world’s biggest unicorn and China’s top fintech group has resulted in a rapid rise in valuation, said all the banks had the same information and access to data about the company. Today Ant Group, otherwise known as Ant Financial and owner of massive Chinese payments app Alipay, announced plans for an IPO. The biggest pain point for Alibaba might come from the Chinese government, which has put up roadblocks to Ant’s growth in the past. The China Securities Regulatory … Ant expects to go public by the end of October, sources have said. believed JPMorgan could not carry on the work of its credit rating ahead of a potential bond issuance as it primarily competes with a business controlled by Ant and Alibaba, two sources with knowledge of the matter said. CITIC did not respond to Reuters request for comment. But it could be problematic for investors. Because Ant’s shares are expected to list in Hong Kong and Shanghai, the process of buying these stocks isn’t as straightforward for U.S. investors as it would be for stocks listed on U.S. exchanges. Ant is raising US$34.4 billion (RM143 billion) in the IPO, or 11% of its enlarged capital base, selling 1.67 billion shares at HK$80 (US$10.32) in Hong Kong and another 1.67 billion shares in Shanghai’s Nasdaq-lookalike, tech-heavy Star Market at RMB68.80 (US$10.24), valuing the company at US$313 billion. 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