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Last Updated : Jul 21, 2020 12:35 PM IST | Source: Moneycontrol.com

Alibaba affiliate Ant Group aims for $200 billion valuation in dual IPO: Report

Ant Group was valued at $150 billion in its previous funding round.

Ant Group, an affiliate of Chinese ecommerce giant Alibaba Group, on July 20 said it is planning a dual-listing in Hong Kong and on the Shanghai stock exchange's STAR board.

The company, which owns Alipay, is seeking a $200 billion valuation as it prepares for its initial public offering (IPO), according to a Bloomberg report

Moneycontrol could not independently verify the story.

Ant Group picked China International Capital, Citigroup, JPMorgan Chase & Co. and Morgan Stanley to assist with the Hong Kong offering, which could raise about $10 billion, Bloomberg reported.

The startup was valued at $150 billion in its previous funding round. 

"Despite abundant capital, it is not sure how investors would view Ant Group since there are a lot of tech stocks in the market,” said Pamela Chung, managing director and head of IPO at consultancy Tricor Group told the news agency.

Ant Group did not mention a New York listing, amid rising trade tensions between the US and China.

Billionaire Jack Ma's Alibaba Group is currently listed on the New York Stock Exchange and Hong Kong's Hang Seng Index.

Other Chinese internet companies listed in the US, such as JD.com and NetEase, began trading in the Hong Kong market as well this year.

First Published on Jul 21, 2020 12:35 pm