Deals
China Brokers Test Goldman With Best IPO Ranking in Decades
- Jack Ma’s Ant set to raise $34.5 billion in biggest-ever IPO
- New China trading venue and IPO reform accelerated deal flows
Inside Ant Group’s headquarters in Hangzhou, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Chinese brokerages are having a bumper year for equity dealmaking, with Ant Group’s multi-billion-dollar initial public offering poised to boost their showing in the global ranking to the best in at least two decades.
China International Capital Corp. is leading the push thanks to a bevy of Chinese deals, an economy that’s shrugging off the pandemic and a liberalization of local capital markets. CICC is set this year to vault above U.S. stalwarts Goldman Sachs Group Inc. and Morgan Stanley once Ant completes what’s set to be a record $34.5 billion IPO in Hong Kong and Shanghai, according to data compiled by Bloomberg.