Ant Group files for IPOs in Shanghai, HK

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Ant Group, the parent company of China’s leading mobile-payment business Alipay, on Tuesday filed for concurrent initial public offerings (IPOs) in Shanghai and Hong Kong, said corporate sources.

The dual-listing will be on the Shanghai Stock Exchange’s sci-tech innovation board, commonly known as the STAR market, and the Stock Exchange of Hong Kong Limited, said the sources.

The move came after the financial technology powerhouse announced on July 20 that it would commence the process of concurrent IPOs, saying that funds raised would be used to increase investment in technology and innovation, accelerate digitizing the service industry and develop global markets with partners.

In the first half of the year, the group registered an operating income of 72.5 billion yuan (about 10.48 billion U.S. dollars), with income from fintech services accounting for over 60 percent of the total, according to its exchange filing.

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