https://arab.news/92xcn
- Sources have said the listing could be worth $35 billion, surpassing Saudi Aramco鈥檚 2019 record float
DUBAI: The mammoth dual listing for Chinese fintech giant Ant Group will be the world鈥檚 biggest, according to a pricing determined on Friday night, Alibaba founder Jack Ma said on Saturday.
鈥淚t鈥檚 the first time that the pricing of such a big listing 鈥� the largest in human history 鈥� has been determined outside New York City鈥� he told the Bund Summit in the eastern financial hub of Shanghai.
鈥淲e didn鈥檛 dare to think about it five years ago, or even three years ago. But a miracle just occurred,鈥� he told the audience, which included officials from China鈥檚 regulators.
He did not give exact details of the pricing which is expected to be officially announced next week.
Backed by Chinese e-commerce giant Alibaba, Ant plans to list simultaneously in Hong Kong and on Shanghai鈥檚 STAR Market in the coming weeks.
Sources have said the listing could be worth $35 billion, surpassing the record set by Saudi Aramco鈥檚 $29.4 billion float last December.
Ma said the financial and regulatory system stifles innovation, calling for a revamp to extend financial services to more small firms and individuals on the basis of technology 鈥� an ethos that Ant is largely based on.
He said the global system established after the Second World War is outdated and too risk-averse, calling the Basel Committee on Banking Supervision 鈥渁n old men鈥檚 club鈥� and warning that risks are accumulating in the whole economy.
In China, banks still operate with a strong 鈥減awnshop鈥� mentality, demanding collateral and guarantees before lending, a model that will fail to fuel future growth, he said.
Instead, he said a new, inclusive and universal banking system that lends to small businesses and individuals on the basis of big data should be established.
Ant, which has an extensive payment and micro-lending business that is largely based on big data, has faced rising scrutiny from regulators.
鈥淭oday鈥檚 financial system is the legacy of the Industrial Age,鈥� Ma said. 鈥淲e must set up a new one for the next generation and young people. We must reform the current system.鈥�