Ant Financial ponders dual listing in HK and China, report says

Business | 17 Jan 2020 4:26 pm

Ant Financial, the financial arm of Alibaba (9988) is working with banks to restart its initial public offering plans and is considering a dual listing for its shares in Hong Kong and mainland China, the Financial Times said citing sources.

The company was last valued at US$150 billion (HK$1.170 trillion) in 2018.

Credit Suisse is involved in the early stage preparations, according to two people familiar with the matter.

China International Capital Corp is also involved in the work, one of the people said. Alibaba owns a small stake in CICC and has a long relationship with Credit Suisse.

Standalone financial information about Ant is limited but in the quarter ending last September the company, which offers everything from payments to consumer credit to one of the world’s largest money market funds, contributed US$309m to Alibaba’s income.

In the quarter, Alibaba swapped its right to 37.5 percent of Ant’s pre-tax profits for a 33 percent equity stake after approval from regulators, clarifying Ant’s ownership structure and clearing a path for a potential IPO.

A spokesperson for Ant Financial said: “We don’t have a plan nor a timetable for an IPO.” Both Credit Suisse and CICC declined to comment.

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