Ant Group listing to be ‘world’s biggest’, Alibaba founder says
The dual listing for Chinese fintech giant Ant Group will be the world’s biggest, Jack Ma, the billionaire founder of Alibaba, said.
“It’s the first time that the pricing of such a big listing – the largest in human history – has been determined outside New York City” he told the Bund Summit in the eastern financial hub of Shanghai.
“We didn’t dare to think about it five years ago, or even three years ago. But a miracle just occurred,” he told the audience, according to Reuters.
Ma did not give exact details of the pricing, which is expected to be announced next week. However, sources have said the listing could be worth $35bn, beating the record set by Saudi Aramco’s $29.4bn.
The firm, which is backed by Alibaba, is planning to list in Hong Kong and on Shanghai’s Star Market in the next few weeks.
Ma also said the financial and regulatory system stifles innovation, calling for a revamp to extend financial services to more small firms and individuals on the basis of technology – an ethos that Ant is largely based on.
He said the global system established after World War II is outdated and too risk-averse, calling the Basel Committee on Banking Supervision “an old men’s club” and warning that risks are accumulating in the whole economy.