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The Pessimist’s Guide to Jack Ma’s Record-Breaking Ant IPO

  • Fintech giant is one of the most anticipated debuts in years
  • Ant also faces growing regulation and stiff competition
Ant’s Alipay service revolutionized the way Chinese people pay for things, both online and in physical shops. 

Ant’s Alipay service revolutionized the way Chinese people pay for things, both online and in physical shops. 

Photographer: Gilles Sabrie/Bloomberg
Updated on

Few initial public offerings have aroused more anticipation than the blockbuster listing of Jack Ma’s Ant Group Co.

Demand for the record $34.5 billion IPO has been so strong this week that Ant decided to stop taking orders from big investors a day earlier than planned. In Shanghai, initial bids exceeded supply by more than 280 times. Some mom-and-pop investors in Hong Kong are taking on 20 times leverage to supercharge their bets.