Ant Group, a subsidiary of Jack Ma's Alibaba Group Holding Company Limited, filed for the first public offering (IPO) on the slotxo Shanghai and Hong Kong stock exchanges.
Filings with the Hong Kong and Shanghai Securities and Exchange Commission indicate that Ant Group is a financial technology company. Net profit for the first half of 2020 was RMB 21.9 billion (US $ 3.2 billion) of total revenues of RMB 7.25 billion.
The Ant Group's first-half net profit jumped more than 1,000% compared to the same period a year ago. At the time, the company posted a net profit of RMB 1.9 billion, while revenue jumped 38% from the same period a year ago to RMB 5.25 billion.
Ant Group, the parent company of Chinese mobile payment service Alipay, announced that its shares on the Shanghai Stock Exchange of Science and Technology (SSE STAR) and Hong Kong Stock Exchange (SEHK) will be listed on the Shanghai Stock Exchange (SSE STAR) and Hong Kong Stock Exchange (SEHK). Helps Ant Group to make the service industry in China enter the digital age faster. And pushing up domestic demand to be stronger as well
Analysts said Ant Group could have a market capitalization of up to $ 200 billion when IPOs are offered on Hong Kong and Shanghai exchanges. This will drive Ant Group to become China's leading Internet finance operator.