Alibaba’s fintech arm Ant Group has started the process to dual list in Shanghai and Hong Kong.The group, China’s biggest mobile payments company, has now made a preparatory filing with China’s securities regulator, according to a report from Reuters.Meanwhile China’s Caixin states that Ant Group is hoping to sell 10% of its shares on Shanghai’s Nasdaq-like STAR board and 5% on the Hong Kong Stock Exchange.BABA currently owns 33% of Ant, while Alibaba (BABA) co-founder and former executive chairman Jack Ma owns 8.8%, but with over 50% of voting power.According to Reuters, Ant is seeking a valuation of over $200B …read more
Source:: Yahoo Finance
