Deals
Alipay Owner to Start Shanghai IPO Process as Soon as 2016
- Alibaba affiliate said to meet need for 3-years of profit
- Dual listing with Hong Kong said to be desired option
Alipay Owner Said to Plan Shanghai IPO
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Alibaba Group Holding Ltd.’s finance affiliate is planning an initial public offering on Shanghai’s main board in what could be China’s highest IPO valuation since 2010, according to two people familiar with the matter.
Zhejiang Ant Small & Micro Financial Services Group Co. has been profitable for three years, enabling it to meet the listing requirements, and may begin the process as soon as this year, the people said, requesting not to be named because the matter is private. The owner of Alipay, China’s most popular payments system, prefers a dual listing with Hong Kong if it gets regulatory approval, the people said.