China’s technology and financial services firm Ant Group is primed to float shares with stock markets in Shanghai and Hong Kong.

The Hangzhou-based parent company of mobile payment giant Alipay and Alibaba Group member has commenced the process of a concurrent IPO on the Shanghai Stock Exchange’s STAR Board (SSE Star) market and the Stock Exchange of Hong Kong Limited (SEHK).

Further information on the value of the IPO and its timings were not available.

Eric Jing, Executive Chairman of Ant Group said in a statement: “The innovative measures implemented by SSE Star market and the SEHK have opened the doors for global investors to access leading edge technology companies from the most dynamic economies in the world and for those companies to have greater access to the capital markets. We are thrilled to have the opportunity to play a part in this development.”

SERVICE SECTOR TRANSFORMATION

Ant Group says it aims to create the infrastructure and platform to support digital transformation in the service industry, enabling consumers and businesses alike to have equal access to financial and other products.

“Becoming a public company will enhance transparency to our stakeholders, including customers, business partners, employees, shareholders and regulators,” stated Jing. “Through our commitment to serving the under-served, we make it possible for the whole of society to share our growth.”

According to Ant Group’s website, it has an ambition to serve two billion global consumers, empower 10 million profitable businesses and create 100 million jobs by 2036.

Alipay is already well established in DF&TR, supporting numerous airport retailers and others through cashless payment methods.

Images courtesy of Ant Financial Services Group.