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Alibaba's Ant Group starts concurrent IPO process in Shanghai, Hong Kong

Credit: REUTERS/STAFF

Ant Group, the fintech arm of Chinese e-commerce giant Alibaba, said on Monday that it had started the process of a concurrent initial public offering on Shanghai's Nasdaq-style Star Market and the Hong Kong Stock Exchange.

HONG KONG, July 20 (Reuters) - Ant Group, the fintech arm of Chinese e-commerce giant Alibaba, said on Monday that it had started the process of a concurrent initial public offering on Shanghai's Nasdaq-style Star Market and the Hong Kong Stock Exchange.

The world's most valuable tech "unicorn" said in a release that the listings will help the company accelerate its goal of digitising the service industry in China, develop global markets with partners and expand investment in technology and innovation.

Ant did not disclose the size, timetable or other details of the offering in the release.

(Reporting by Julie Zhu; editing by Jason Neely)

((julie.zhu1@thomsonreuters.com; +852 2843 6519; Reuters Messaging: julie.zhu1.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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