Ant Group IPO To Rocket Alibaba Founder Jack Ma's Wealth
Umer Jamshaid Published October 27, 2020 | 10:30 AM
Beijing, (UrduPoint / Pakistan Point News - 27th Oct, 2020 ) :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 the stock pricing, and will lift the entrepreneur's fortune to $71.1 billion.
That would send him rising up Bloomberg's Billionaires Index, with his wealth exceeding that of Oracle's Larry Ellison, L'Oreal heiress Francoise Bettencourt-Meyers, and individual members of the Waltons, whose family own US retail giant Walmart.
The charismatic Chinese businessman was a cash-strapped entrepreneur when someone showed him the internet on a 1990s trip to the United States.
He launched various internet-related business projects in China that met with mixed success before convincing a group of friends to give him $60,000 to start his Alibaba e-commerce venture in 1999.
Bloomberg said at least 18 other people will become billionaires from the IPO, including director Lucy Peng, the biggest individual Ant owner after Ma, and chairman Eric Jing.
Ant operations have expanded over the years from consumer e-payments to offering business credit and areas including cloud computing and artificial intelligence.
A study last week from the Hurun Report found Ma's wealth had climbed a whopping 45 percent this year, as online shopping firms saw a surge in business owing to people being shut indoors for months during strict lockdowns to contain the virus.
Related Topics
Recent Stories
Govt bringing reforms in energy, revenue collection, SOEs: Aurangzeb
Pakistan, New Zealand to face off in 2nd T20I match at Rawalpindi today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 20 April 2024
Today Gold Rate in Pakistan 20 April 2024
Tennis: ATP Barcelona Open results - 1st update
Swiatek's perfect 10 in Stuttgart as Vondrousova stuns Sabalenka
Arandu's roads closed due to flooding
Oil tanker catches fire in Islamabad’s Blue Area
Pakistan committed to ensure safety of foreign nationals: FO
Tennis: WTA Stuttgart results - 1st update
Four passengers injured as train hit an empty vehicle
Over- speeding bus crushed to death two bike riders
More Stories From Miscellaneous
-
Transforming education sector: from job hunters to job creators
1 day ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
5 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
6 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
6 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
9 days ago -
Radio Bahawalpur to broadcast Eid programs
11 days ago
-
DC, DPO Haripur inspect bus terminals to review fares compliance
13 days ago -
Second phase of refugees’ repatriation to start after Eidul Fitr vacations
13 days ago -
Reaping bounties as Ramazan culminates
13 days ago -
Digital transformation – a boon or bane
13 days ago -
Plants’ business: Another casualty of climate change
15 days ago -
Eid shoppers prioritize children’s joy over personal comforts
15 days ago