Chinese tech titan Jack Ma is set to become the world’s 11th richest person after the financial arm of his e-commerce titan Alibaba raises billions in a mammoth public listing, according to the Bloomberg News.
Ant Group said Monday it plans to raise $34 billion in a listing shared between Hong Kong and Shanghai — making it the biggest IPO in history.
The e-payments behemoth, which runs China’s dominant online payment system Alipay, plans to sell 1.67 billion shares at HK$80 ($10.30) each in Hong Kong from Tuesday.
Ant Group’s split float would exceed the $29 billion chalked up by Saudi Aramco in December, a high-profile win for a Chinese company during a period of bad headlines for mainland tech firms as Beijing and Washington face off on a number of fronts.
According to Bloomberg former English teacher Ma’s 8.8 percent stake in Ant is worth $27.4 billion based on