Oct 26, 2020 - Economy & Business

China's Ant Group preps largest IPO of all time

Ant Group headquarters in China.

Photo: Ding Junhao/VCG via Getty Images

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.

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