Billionaires: Jack Ma’s Ant Group plans dual listings in Hong Kong and Shanghai – The National

Billionaires: Jack Ma’s Ant Group plans dual listings in Hong Kong and Shanghai – The National

In our fortnightly round-up, one of China's richest men avoids a New York listing and Mukesh Ambani seeks global investors for his retail business





























Jack Ma, billionaire and chairman of Alibaba Group Holding. Bloomberg











Jack Ma



Billionaire Jack Ma's Ant Group is seeking a valuation of more than $200 billion (Dh734.6bn) as it goes public in Hong Kong and Shanghai, kicking off a much-anticipated market debut for China's leader in internet finance.



The parent of mobile payments company Alipay said it will pursue a simultaneous dual-listing in Hong Kong and on the Shanghai stock exchange's STAR board. Ant is already more richly valued than most Wall Street companies and, if conditions are favourable, it could seek to raise more in its initial public offerings than Saudi Aramco's record $29bn haul.



The crown jewel of the sprawling Alibaba empire, Ant has hastened its evolution into an online mall for everything from loans and travel services to food delivery in a bid to win back shoppers lost to Tencent.





Ant's chief executive Simon Hu said he wants people to think of Alipay as