Future Finance
Ant’s Mega IPO Sets Up Jack Ma to Escalate War With Tencent
- It seeks to raise about $30 billion in Hong Kong, Shanghai
- Ant, Tencent compete in payments, wealth and other services
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Ant Group’s late-summer IPO filing drove home why the business -- backed by 711 million monthly users that spent $17 trillion through its platform -- is headed for potentially the world’s largest stock debut. Yet investors may do well to focus on the long-term threat to its core businesses from arch rival Tencent Holdings Ltd.