Ant Group's US$35 billion initial public offering (IPO) is unlikely to suffer from any U.S. restrictions on the Chinese financial technology giant ...
Ant Group's US$35 billion initial public offering is unlikely to suffer from any U.S. restrictions on the Chinese financial technology giant due to its very limited overseas presence, potential investors and analysts said.
U.S. President Donald Trump is considering curbs on Ant, an affiliate of Chinese e-commerce firm Alibaba, and Tencent over concerns their payment platforms threaten national security, Bloomberg News reported on Wednesday.If implemented, the restrictions would illustrate how Trump's administration is seeking to prevent Chinese companies from embedding themselves in the U.S. financial system before they become a significant competitive threat.
Ant is working towards a dual-listing in Shanghai and Hong Kong possibly as soon as this month in what sources have said could be the world's largest IPO, surpassing oil giant Saudi Aramco's US$29.4 billion float in December. "I'm sure investors will ask about it during the roadshow but it's quite easy for investors to understand that if Alipay and Wechat Pay go overseas the U.S. is probably not the top priority," Tam said.Ant, which makes 95per cent of its revenue in China, is seeking to raise about US$35 billion in an IPO after assessing early investor interest and based on a valuation of about US$250 billion or more, Reuters has reported.
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