Chinese financial technology company Ant Group set to bring 34 billion dollars worth of shares to the stock market in Hong Kong and Shanghai. This will be the most extensive entry of any company in the history of stock markets.
Earlier, Saudi Aramco had the most extensive entry in the stock market in history at 29.4 billion Dollars.
Ant is an online payment business, bringing only 11% of its shares to the market. While the company as a whole has total assets of about 313 billion. The company is owned by Chinese businessman Jack Ma, the founder of the e-commerce platform. The Ant Group is set to sell about 34.4 billion dollars worth of shares in the market. Jack Ma also owns AliPay, the most extensive online payment system in China. Where the money transferred through e-payments and apps instead of cash, checks and credit cards. AliPay has about one billion users.
Ant in next week introduces its shares in both the Shanghai and Hong Kong stock markets, reflecting the growing importance of the Hong Kong stock market in the region.
