Jack Ma’s Ant Group chooses China for its IPO

 Shanghai’s Star Market, China’s answer to the Nasdaq

One of China’s biggest tech firms has chosen to stay home for its blockbuster IPO, shunning Wall Street where Chinese companies are facing heightened scrutiny because of rising geopolitical tensions. Ant Group announced on Monday that it is planning “a concurrent initial public offering” in Hong Kong and on Shanghai’s Star Market, China’s answer to the Nasdaq.

Ant is affiliated with e-commerce giant Alibaba (BABA), which raised a record $25 billion when it debuted on Wall Street in 2014 — still the world’s second largest IPO to date. Ant owns Alipay, one of the most popular payment apps in China, and also offers online financial services such as loans, investments and credit scoring systems. The Hangzhou-based company is worth some $150 billion, according to CB Insights.

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