Ant Group, the FinTech spinoff-turned-giant from Alibaba Group, has files for an IPO.
In Brief:
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It will list in Hong Kong and Shanghai.
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Its filing says it made a $3.2bn profit in 2020.
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It’s filing at a valuation of over $200bn.
What does this mean?
Ant is most famous for its payments solution Alipay. It will use its IPO funding to expand its cross-border payments offering and conduct more research and development projects. The company had considered filing in the US but will no longer be doing so, citing scrutiny of Chinese businesses from the US government.
