Ant Group to Have HKEX Hearing Next Week

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Ant Group reportedly seeks to pass the HKEX hearing for its debut as soon as next week, as reported by Sina on September 16. Meanwhile, the STAR Market Listing Committee will review the fintech giant’s listing application on September 18. Ant Group is expected to launch concurrent listings on the STAR Market and HKEX in October, raising over USD30bn with a valuation of RMB1.56tr.

In the latest update to Ant Group’s dual-listing, Singapore-based Temasek and GIC are also mulling over investing in the Chinese company. For Temasek, according to the investment vehicle’s FY2020 financial report, the net worth of its investments in China has surpassed those in Singapore for the first time, making China its most important market and constituting 29% of its investment portfolio. From another perspective, Ant Group’s listing in Hong Kong is anticipated to boost the region’s reputation as the world’s top IPO destination. Thanks to Alibaba’s [BABA:US] USD12.9bn secondary listing, Hong Kong was the world’s largest IPO market in 2019 in terms of fundraising scale. Nevertheless, in 1H20, Hong Kong fell to the fifth, following Nasdaq, NYSE, STAR Market, and SSE.

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