Chinese billionaire Jack Ma has applied for the initial public offering of his Ant Group in Shanghai and Hong Kong to finally jump-start the selling of shares for China's largest digital payments provider and digital finance platform. It aims to set an IPO record by raising $30 billion.
For its Hong Kong offering, Ant picked JPMorgan Chase & Co., China International Capital Corp., Morgan Stanley, and Citigroup Inc. Credit Suisse will be the joint global coordinator for Ant, although representatives for both companies declined to comment.
For its Shanghai offering, CICC and CSC Financial Co. will lead the companies to drive to raise $6.9 billion while interests are seen to exceed their offerings. The Ant Group intends to use the proceeds to expand its cross-border payments and enhances its research and development capabilities.
He started the company inside his small apartment in the coastal city of Hangzhou in 1999, and since then, Alibaba has grown as a dominant player in China with shares in the country's online, banking, and entertainment. Jack Ma's real-time net worth as of August 25, 2020, is $50.7 billion.
In September 2019, he stepped down as executive chairman and was replaced by CEO Daniel Zhang. Aside from Alibaba, Ma also has invested in Chinese entertainment companies Beijing Enlight Media and Huayi Brothers.
Despite leaving his post, he retained a permanent seat on Alibaba's board. He vowed to focus on philanthropy, but he remains one of China's most powerful men with his fame and wealth.
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Written by CJ Robles
