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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

China's Ant Group preps largest IPO of all time

The payments giant could be valued at more than $300 billion.

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Alibaba Group

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China

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: <a class="gtmContentClick" data-vars-link-text="Why the Ant IPO matters to geopolitics" data-vars-click-url="https://www.axios.com/podcast-ant-group-ipo-us-china-tensions-df6071dd-2756-434e-bfb7-c4b956ebef10.html" data-vars-content-id="0f029cf2-a8aa-4249-99ce-2f1d3579d4c1" data-vars-headline="China&#x27;s Ant Group preps largest IPO of all time" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/podcast-ant-group-ipo-us-china-tensions-df6071dd-2756-434e-bfb7-c4b956ebef10.html" target="_self">Why the Ant IPO matters to geopolitics</a>

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Economy & Business

China is becoming the most formidable rival America has faced, and the risk of confrontation with Russia, North Korea or Iran still looms. Authoritarians are rising, the chaotic Afghanistan exit revealed the limits of U.S. power, and the pandemic, climate change and other critical challenges continue to pose grave threats.