Ant makes history with $34bn listing on HK, Star exchanges

By Jonathan Breen
29 Oct 2020

Chinese financial technology company Ant Group has sealed the world’s largest ever IPO, raising $34.4bn from dual listings in Shanghai and Hong Kong. The company built two mammoth order books despite a turbulent week for equity markets globally — although that created serious challenges for bankers allocating the stock. Jonathan Breen reports.

The Alibaba Group Holding affiliate, known for its super-app Alipay, sold $17.2bn of stock on both the Hong Kong and the Nasdaq-style Star markets this week.

The dual IPO set a number of records. It is the world’s largest IPO ever, beating Saudi Aramco’s $26bn float last year, ...

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