Ant's mega offer freezes $470b

Business | Reuters and Avery Chen 30 Oct 2020

Hong Kong retail investors placed more than HK$470 billion in orders for Ant Group's mega initial public offering through margin financing, while Ant's Shanghai leg was 872 times oversubscribed.

The margin financing subscription window in Hong Kong closed yesterday, a day earlier than that of cash subscriptions. Ant's Hong Kong retail portion was already 140 times oversubscribed.

The Shanghai retail book of Ant's IPO was 872 times oversubscribed, equating to an investment interest of about 4 trillion yuan (HK4.62 trillion).

Ant is poised to raise about US$34.4 billion (HK$268.32 billion) from the joint listing.

Meanwhile, Ant has cut funding and staff support to many of the overseas e-wallet firms it has invested in as it pivots away from ambitions of becoming a global payments leader, Reuters reported.

It has made large cuts to the hundreds of millions of dollars it spent each year to subsidize user growth at overseas e-wallet firms and is repatriating Ant staffers.

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