Alibaba will acquire part of the shares during the IPO of the Ant Group

News

Alibaba will acquire part of the shares during the IPO of the Ant Group

27.10.2020 News

Chinese Internet company Alibaba will buy more than a fifth of the shares of its division, specifically of a fin-tech company Ant Group, as part of its future IPO on the stock exchanges of Hong Kong and Shanghai, Alibaba said in a release.

“Alibaba has agreed to subscribe for 730 million shares of the initial public offering, subject to the necessary regulatory approvals and other precedent conditions,” the statement said.

Ant Group plans to place a total of 3.3 billion shares (including part of the IPO on the Hong Kong Stock Exchange). The company also plans to produce an additional 1.16 billion shares for Alibaba, which will allow the online company to still own a 33% stake in Ant Group after its IPO.

In late July, Ant Group announced that it had launched a simultaneous IPO process on the Hong Kong and Shanghai stock exchanges. Earlier in the month, the media reported that the planned IPO of Ant Group could become one of the largest in the world in 2020; the company plans to raise about $ 35 billion.

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