China's Ant Group preps largest IPO of all time

Ant Group, the Chinese financial services giant, on Monday disclosed plans to raise up to $34.4 billion in what would be the largest global IPO of all time.

The big picture: Ant Group expects to raise around $17.2 billion in both Shanghai and Hong Kong, likely next week, by seeking to price at HK$80 per share for a potential value of more than $300 billion. Alibaba Group would participate in order to retain its 33% equity position.

Go deeper: Why the Ant IPO matters to geopolitics