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Photo: Costfoto/Barcroft Media via Getty Images

Ant Financial, the fintech affiliate of Alibaba Group, is prepping a Hong Kong IPO that could value the business north of $200 billion, per Reuters. A company spokesman denied the report.

Why it matters: If legit, would be one of the year's largest global IPOs. It also would be a big boost for Hong Kong, whose status as a global financial hub is in flux due to new security laws from Beijing, and reflects how a growing number of Chinese tech companies are bypassing New York exchanges.

  • Alibaba first went public on the New York Stock Exchange, before later listing in Hong Kong.

Flashback: Ant Financial in mid-2018 closed the largest-ever "venture capital" investment, securing $14 billion in Series C funding at a $150 billion post-money valuation. Overall it's raised over $23 billion.

The bottom line: "Hong Kong's exchange accounted for 7.6% of the global IPO market, down from a share of 11% in the same period last year, Refinitiv data showed. The fall in value ranked Hong Kong as the fourth most active exchange after the Nasdaq, mainland China’s new Star Market and the Shanghai stock market." — Scott Murdoch, Reuters

Go deeper

JPMorgan commits $30 billion to fight the racial wealth gap


Data: Fortune 500, Axios analysis of company statements, get the data; Chart: Andrew Witherspoon, Naema Ahmed/Axios

JPMorgan Chase announced Thursday a $30 billion investment over the next five years that the company says will address some of the largest drivers of the massive wealth gap between Black and white Americans.

  • The commitment makes the bank by far the largest monetary contributor to efforts by businesses to fight systemic inequality and racism in the U.S.

Battle for the soul of a new web

Illustration: Aïda Amer/Axios

A well-funded and intensely motivated chunk of tech's hive mind is finding common cause in a vast new project: rebuilding the web on a foundation of cryptocurrency and blockchain tech. They call it "Web3."

The big picture: Developers, investors and early adopters imagine a future in which the technologies that enable Bitcoin and Ethereum will break up the concentrated power today's tech giants wield and usher in a golden age of individual empowerment and entrepreneurial freedom.

First look: Biden summons top CEOs on supply chain

Photo: Alex Wong/Getty Images

President Biden will meet Monday afternoon with CEOs of big retailers, grocers and consumer-products firms to send this message, according to the White House: Products will be on shelves for holiday shopping.

Zoom out: Black Friday sales rebounded from 2020.