Preparations for one of the largest IPOs are picking up speed. The Chinese fintech company Ant Financial have begun work on an issue on the Shanghai Star Exchange and the Hong Kong Stock Exchange, the operator of the online payment service Alipay said. Ant did not provide details of the schedule or the volume of the planned IPO.
Ant Financial was last valued at over $ 200 billion, making it the highest rated fintech company in the world. Insiders recently said the long-awaited IPO could be over $ 20 billion.
With Alipay, Ant operates the dominant payment service in China and also offers loans, insurance and wealth management services through its apps. The fintech was from 2014 Alibaba split off before the online trader went public. The Amazon rival holds 33 percent of Ant. Fintech is controlled by Alibaba founder Jack Ma.
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