Ant Financial, Alibaba’s payments arm & one of the world’s top fintech companies, announced on Monday its long-awaited IPO with a dual listing in Shanghai and Hong Kong soon. The company is valued at roughly $150 billion.
US-listed Chinese tech firm Alibaba’s shares opened 4% higher on Monday, after Alibaba’s financial arm Ant Group announced that it has commenced a concurrent IPO process on the Shanghai Stock Exchange’s Science and Technology Innovation Board and the Hong Kong Stock Exchange.