Future Finance

As IPO Looms, All You Need to Know About Jack Ma’s Ant Group

Ant Group said to target valuation of $225 Billion in IPO
Sprawling behemoth is expanding fast beyond Alipay app

The mascot for Ant Financial is displayed in the lobby of the company’s headquarters in Hangzhou in 2019.Photographer: Qilai Shen/Bloomberg

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By Lulu Yilun Chen

August 30, 2020 at 12:00 AM UTC

This article is for subscribers only.

Billionaire Jack Ma’s Ant Group is poised to pull off what could be the biggest initial public offering ever by simultaneously listing in Hong Kong and Shanghai. It’s said to be gunning for a valuation of $225 billion, making it the world’s fourth-largest financial company.

A 2011 offshoot of Chinese giant Alibaba Group Holding Ltd., the firm has defined and dominates the Chinese payments market through its ubiquitous Alipay app. It also runs the giant Yu’ebao money market fund and the Huabei and Jiebei consumer lending units.