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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.
Updated 41 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Ipsos poll: COVID trick-or-treat — Study: Trump campaign rallies likely led to over 700 COVID-related deaths.
  2. World: Boris Johnson announces month-long lockdown in England — Greece tightens coronavirus restrictions as Europe cases spike — Austria reimposes coronavirus lockdowns amid surge of infections.
  3. Technology: Fully at-home rapid COVID test to move forward.
  4. States: New York rolls out new testing requirements for visitors.

North Carolina police pepper-spray protesters marching to the polls

Officers in North Carolina used pepper spray on protesters and arrested eight people at a get-out-the-vote rally at Alamance County’s courthouse Saturday during the final day of early voting, the City of Graham Police Department confirmed.

Driving the news: The peaceful "I Am Change" march to the polls was organized by Rev. Greg Drumwright, from the Citadel Church in Greensboro, N.C., and included a minute's silence for George Floyd. Melanie Mitchell told the News & Observer her daughters, age 5 and 11, were among those pepper-sprayed by police soon after.