Fintech giant Ant Financial announced yesterday that it will list its shares on the Shanghai and Hong Kong stock exchange.
An affiliate of Alibaba, Ant Financial was created in 2014 as Alibaba moved to expand its reach in fintech. It runs Alipay and also carries out operations in wealth management, small-scale loans and insurance. Ant Financial has 1.3 billion users globally and has invested into e-wallet companies internationally.
“Becoming a public company will enhance transparency to our stakeholders, including customers, business partners, employees, shareholders and regulators.”Ant Financial’s CEO Eric Jing said in a statement
There has long been speculation about when it will list on the stock exchange. Although it has not annunced its share price yet, analysts claim that the company could be valued at over $200 billion. The public listing will be also beneficial to the share price of Alibaba which has a 33% stake in Ant Group.
For more on Alibaba and Ant Financial check out our case study: Alibaba’s zoo unites 29 businesses