Meanwhile, health care -2.02%, discretionary -2.02%, materials -1.62%, tech -1.52%, stales -1.18% and communication -0.2%. China's securities regulator said Wednesday that Ant has received the green light for its Shanghai public offering, and has now cleared all regulatory hurdled for a dual-listing that is expected to rake in billions. Although the company's IPO date hasn't been set, it could happen in the next few months. I flipped back a few minutes later and they had lost! In 2004, Alipay launched as an escrow service to address the issue of trust between online buyers and sellers in the early days of e-commerce in China. Along with the Lufax IPO filing, I have a lot of reading to do this weekend! I am the Chief Investment Officer of KraneShares, a China-focused provider of exchange-traded funds (ETFs). However, there was little color on what drove the afternoon sell off as winners were clipped. We help investors stay up to date on global market trends and aim to provide meaningful diversification. It is also a two-way street as Connect also allows Mainland investors to access the Hong Kong market. In addition to contributing to Forbes, I am often interviewed on and quoted in Bloomberg, CNBC and The Wall Street Journal on matters surrounding Chinese markets. China suspended Ant Group’s $37bn stock market listing on Tuesday, thwarting the world’s largest IPO with just days to go, in a dramatic move that … Ant will announce the IPO's share price on October 27, according to updated regulatory filings. The 204 Chinese stocks listed in the Mainland were off -0.21% as energy +5.91%, financials +1.28%, and utilities +0.29%. The debate and the Giants/Eagles game were distractions last night. As a pioneer within the ETF industry I experienced the surge. China’s GDP grew by 4.9% in Q3, missing the estimated 5.5%. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. We strive to provide innovative, first to market strategies that have been developed based on our strong partnerships and our deep knowledge of investing. The company will list jointly in Hong Kong and Shanghai, raising about $17.23 billion for each market, according to public filings. It is unclear how many shares he will retain once the offering is completed. Leveraging my experience working in capital markets, voracious appetite for global financial news and a touch of humor, I aim to provide readers with an informative daily roundup of key headlines and data from China’s financial markets. The company was approved for both the Hong Kong Stock Exchange and Shanghai’s Star Market. All rights reserved. The mammoth dual listing for Chinese fintech giant Ant Group will be the world's biggest, according to a pricing determined on Friday night, Alibaba founder Jack Ma said on Saturday. Krane Funds Advisors, LLC is majority owned by China International Capital Corporation (CICC). On Thursday, Ant Group’s updated, 740-page Hong Kong filing was released. Ant Group aims to create the infrastructure and platform to support the digital transformation of the service industry. First, we had Stock Connect followed by Bond Connect, which allows foreign investors to access Mainland markets via the Hong Kong Exchange. MSCI Ant Group IPO date is a moving target as some say next Friday while a Mainland broker said Friday, November 6th. The Hang Seng Index overcame morning losses to gain +0.54% as it climbs toward the 25k level though the broader Hang Seng Composite was off -0.08% and the Chinese companies listed in Hong Kong within the MSCI Ant’s IPO is gearing up to be larger than that of Saudi Aramco, which brought in more than $25 billion in the biggest IPO to date. Northbound Stock Connect was closed today due to Hong Kong’s holiday Monday as foreign investors sold $2.1 billion worth of Mainland equities, bringing the YTD total to … Opinions expressed by Forbes Contributors are their own. We still need the Mainland/STAR Board IPO to be approved, though the approval is expected this week. Article content. There was news that the ETF Connect appears to be launching in a small pilot program. China All Shares fell -0.21% overall. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Investors appear to be waiting on the outcome of the US election, next week’s Five Year Plan drafting, and the Ant Group IPO. The registration-based IPO system, which had been under … Here's why they're on Parler, Watch this 'infinite' music video of Billie Eilish's 'Bad Guy', Here's how Prop 22 could transform the gig economy, Watch astronauts arrive at International Space Station, See Apple's new Macbooks with the M1 chip, Watch: People travel in Virgin Hyperloop for the first time, An online movement has these Trump supporters convinced the election was stolen, Disney's new robot has a creepily human gaze, the crown jewel of billionaire Jack Ma's tech empire, How Jack Ma built China's money supermarket into a $200 billion company. HONG KONG -- Ant Group is set to raise about $34.5 billion in the world's largest initial public offering after setting the prices for a dual listing The company said revenue for the nine months ended in September rose about 43% to 118.2 billion yuan ($17.7 billion) compared to the same period last year. Ant will announce the IPO's share price on October 27, according to updated regulatory filings. In recent weeks, Washington and Beijing have clashed over. Chatter is that the IPO could happen as soon as late next week. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. According to RT, the Ant Group is expected to raise $34.5 billion as part of its dual listing. Yield on 1-Day Government Bond 1.10% versus 1.20% yesterday, Yield on 10-Year Government Bond 3.20% versus 3.17% yesterday, Yield on 10-Year China Development Bank Bond 3.75% versus 3.73% yesterday. The big news was the green light for Ant Group’s Hong Kong IPO from the local regulators as speculation on the listing date is either the first or second week of November. TikTok's US ban is on hold. Ant Group hasn't priced its stock for the coming IPO yet. This is the day when IPO shares start trading at the stock exchanges. Northbound Stock Connect is closed in advance of Hong Kong’s holiday Monday. When Will Ant Financial IPO? The IPO listing price calculation is based on the demand and supply of the company shares. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. China’s currency has been the best performing in Asia so far this year. Check out Thursday’s post for a review of the latest filing. The Hang Seng overcame morning losses to close +0.54%/+132 index points at 24,918. There was some chatter that a steeper yield curve will benefit financials in the US, though that does not apply in China. It's is difficult to predict the IPO listing price. These days, rising geopolitical tensions have made Chinese companies wary of Wall Street. All rights reserved. Do not get me started on the sorry state of New York sports! The latest information on initial public offerings (IPOs), including latest IPOs, expected IPOs, recent filings, and IPO performance from Nasdaq. Ant Group Co. has set the price for its initial public offering in Shanghai, paving the way for a blockbuster sale that may give the Chinese fintech giant a valuation higher than JPMorgan Chase & Co. Summary: In an IPO market that is to date nothing short of exuberant, the biggest this year is yet to come. Ant Group has also retained various U.S. Wall Street firms to lead the offering. However, the company hasn't picked a firm date for its public listing. What comes next. Trading is expected to begin Nov. 5. Value sectors performed well, driven by earnings from energy giant CNOOC, China Petroleum, which gained +6.67%, and China Telecom The abrupt suspension of fintech giant Ant Group Co. Ltd.’s record-breaking IPO in November fueled debate about the shortcomings of the new system for evaluating and approving listings on Chinese mainland stock markets. One reason for growth stocks’ weakness could be a need to raise capital for the Ant Group IPO. Ant Group plans to raise about $30 billion in an IPO. As of Tuesday, CNY has gained 6.76% against the US dollar since its May 27th high of 7.16 per dollar, closing Tuesday at 6.68. The company will sell up to 1.67 billion shares on each exchange, which will account for 11% of total outstanding shares post-IPO. Shanghai and Shenzhen were up in the morning but sold off to close down -1.25% and -1.05% at 3,278 and 2,200, respectively. It’s also accelerated a shift that was already underway to tighten supervision over IPO applications. Once Ant's IPO closes, it will surpass Saudi Aramco's $29 billion listing as the largest-ever public offering. I continue to go through the Ant Group filing and I will report my key takeaways on Monday. Shares on the Hong Kong Stock Exchange will … One of strangest sub-plots of the whole affair is how close Ant came to getting its IPO over the line at an elevated valuation. EY & Citi On The Importance Of Resilience And Innovation, How Digital Workflows Helped Save Basketball During The Pandemic, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation With Forbes Insights. So Ant's forthcoming dual listing, which at $35 billion is poised to be the biggest-ever IPO, is a moment to celebrate for Hong Kong, a top global venue for listings this year. I’m diving into the details and will report back Monday. Volume was up +3%, placing it below the 1-year average while breadth was off with 760 advancers and 2,953 decliners. The app has established its presence in every aspect of financial life in China, from investment accounts and micro savings products to insurance, credit scores and even dating profiles. IPO listing date is the date of new IPO listing in NSE and BSE (Mainboard IPO). Alipay is China’s largest mobile payments business operated by Ant Group. I am the CIO of KraneShares, a China-focused ETF provider. Ant, an affiliate of Jack Ma’s Alibaba, was all set for a $34.4 billion dual listing in Shanghai and Hong Kong last Thursday. All times are ET. Ant is one of the biggest technology firms in the world and the biggest online payments platform in China. How China's Ant Group built a $17 trillion payments machine, See Walmart's self-driving delivery trucks in action, This robotaxi from Amazon's Zoox has no reverse function, Watch: Airbnb founder stunned on live TV by stock price, Hear Ashton Kutcher's plea to lawmakers on proposed child abuse legislation, These Trump supporters say big tech is biased. The shares are due to start trading in Hong Kong on November 5. Ant Financial filed for a dual listing. Factset: FactSet Research Systems Inc.2018. IPO / Exclusive: Ant Group’s IPO debacle triggers tougher scrutiny of new listings. HONG KONG — China suspended Ant Group’s $37 billion stock market listing on Tuesday, thwarting the world’s largest IPO with just days to go, in a dramatic move that left investors and bankers scrambling for answers. Consider that the biggest IPO to date was Saudi Aramco, which raised $29.4 billion. Southbound Stock Connect volumes were light as Mainland investors bought $465 million worth of Hong Kong stocks today as Southbound Connect trading accounted for 11% of Hong Kong turnover. Most stock quote data provided by BATS. Ant, the financial technology company affiliated with Chinese e-commerce group. Ant Group: why America is missing out on the biggest IPO in history September 1, 2020 9.01am EDT • Updated September 2, 2020 8.53am EDT Daniel Broby , University of Strathclyde Gross profit for the period rose 74% to 69.5 billion yuan ($10.4 billion). Late last year, Saudi Arabian oil giant Aramco’s US$29.4 billion listing topped that. Disclaimer. Ant Group, China's dominant mobile payments firm, are set to dominate the listed fintech space with their upcoming, humongous, record setting IPO. Ant Group's IPO could come as soon as October, according to Bloomberg. On Wall Street, Chinese companies are also facing more scrutiny. Ant said in its prospectus that the float will be evenly split between Hong Kong and Shanghai. The company shunned Wall Street for its public debut, even though Ma chose the New York Stock Exchange for Alibaba's record shattering IPO in 2014. But just 36 hours before the ceremonial gong at the Hong Kong Stock Exchange was set to be banged for what would have been a record-setting listing, Beijing abruptly pulled the rug from underneath it. The rest of the volume leaders were Alibaba HK, which fell -0.67%, Tencent, which fell -0.35%, Meituan Dianping, which fell -2.45%, BYD, which cratered -6.66%, HSBC, which gained +3.2%, Xiaomi, which fell -2.24%, China Construction Bank, which gained +0.17%, and ICBC Bank, which gained +1.27%. Ma, the lead founder of Ant, has "ultimate control" over the company, according to regulatory filings. Volume was up +4%, placing it at just below the 1-year average while breadth was positive with 28 advancers and 19 decliners. September and Q3 economic data was released Monday. Ant … The IPO is unlikely to be derailed, but Ant could soon be the target of largely symbolic sanctions by the Trump administration. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. Alibaba, which was co-founded by Ma, also has the right to subscribe for additional shares "so that it may hold an equity interest not exceeding 33% in our company" once the IPO is completed, Ant said in regulatory filings. Oct 30, 2020 • Last Updated 28 days ago • 3 minute read HONG KONG — Retail investors placed bids for a record $3 trillion of shares in Ant Group Co Ltd’s initial public offering (IPO), set to be the world’s biggest, as mom-and-pop savers bet on demand for its financial services in China. Our suite of China focused ETFs provide investors with solutions to capture China's importance as an essential element of a well-designed investment portfolio. Meanwhile, industrial production and retail sales grew by 6.9% and 3.3%, respectively, compared to estimates of 5.8% and 1.6%, in September. The platform handled 118 trillion yuan ($17.7 trillion) in payments in the 12 months through June. Healthcare was a strong performer on Wednesday in both Hong Kong and the Mainland following news from the Mainland that strong progress is being made on a coronavirus vaccine with 13 different trials taking place, four of which involve human testing. Informed individuals say in the run-up to the listing date company executives, including Ma, were in talks with regulators about pending moves to … The IPO would also be the first simultaneous listing in Hong Kong and on Shanghai's Star Market, China's answer to the Nasdaq. The 517 Mainland stocks within the MSCI China All Shares Index lost -1.52%, led lower by health care -3.18%, communication -2.48%, staples-2.44%, tech -1.82%, industrials -1.66%, discretionary -1.32%, utilities -1.11%, and materials -0.81%. Hong Kong (CNN Business)Ant Group — the crown jewel of billionaire Jack Ma's tech empire — is one step closer to its highly anticipated market debut. This allows investors to utilize Hong Kong brokers and custodians to trade stocks and bonds listed onshore. The big news was the green light for Ant Group’s Hong Kong IPO from the local regulators as speculation on the listing date is either the first or second week of November. Even before the date of the IPO has been finalised, news around Ant Groups listing is being watched with much anticipation around the world. Stock exchanges in India publish IPO listing status through a listing notice. Alipay started life as part of the Alibaba Group, before being separated out controversially in 2011, denying major Alibaba shareholder Yahoo an equity interest in it. As a pioneer within the ETF industry I experienced the surge in popularity of ETFs firsthand, helping an industry-leading global ETF provider grow AUM from a few million to over $1.5 trillion. About a week later, Ant priced its shares at $10.32 and $10.26, respectively. This meant the Ant Financial IPO would be the biggest to date, set to raise $34.4 billion. Hong Kong volume leaders overnight included Ping An Insurance, which gained +2.31% on news that online lender Lufax Holdings, in which the company had invested, will pursue an IPO on the NYSE. In the long run, that could benefit China, directing money to its markets as investors rush to snap up Ant shares. , which gained +3.24% while growth sectors/stocks were clipped. Ant Group’s initial public offering was unexpectedly halted by Chinese regulators on Tuesday, just 48 hours before it was to begin. The abrupt suspension of fintech giant Ant Group Co. Ltd.’s record-breaking IPO in November has fueled debate about the shortcomings of the new system for evaluating and approving listings on Chinese mainland stock markets. Jack Ma, the founder of Alibaba says the dual IPO (initial public offering) listings of the company Ant Group in Shanghai and Hong Kong would soon break the world record to become the biggest in history. © 2020 Forbes Media LLC. Asian equities posted modest gains today and for the week while Mainland China underperformed. Giants were up by 11 with five minutes left so I flipped to the debate. This was based on the price of its shares on Monday. Krane Funds Advisors, LLC is the investment manager for KraneShares ETFs. Mainland China equities were off today in what was an off week as markets were up in the morning but sold off in the afternoon. Analysts at Bernstein estimate the company could be worth as much as $270 billion. Northbound Stock Connect was closed today due to Hong Kong’s holiday Monday as foreign investors sold $2.1 billion worth of Mainland equities, bringing the YTD total to $13.98 billion. The listing is expected to set a new world record, surpassing the $29.4 billion float by Saudi Aramco's IPO last December. Ant Group's highly anticipated IPO has been suspended following a meeting between the company's billionaire co-founder Jack Ma and regulators in … Ant Group’s listing in Hong Kong likely won’t be completed by the end of October, as originally hoped, due to scrutiny from Chinese regulators. Alibaba’s listing, which raised US$25 billion, was the biggest IPO ever at the time. Its payments app Alipay had 731 million monthly active users as of September, Ant said in regulatory filings. CHA All Rights Reserved. Ant was set to raise US$34.4 billion in the IPO, at a valuation of US$313 billion. NOT since the listing of Chinese ­e-commerce giant Alibaba Group Holding six years ago has an initial public offering generated as much buzz as next week’s listing of Ant Group. I am the Chief Investment Officer of KraneShares, a China-focused provider of exchange-traded funds (ETFs). Ant’s listing is likely to be a large one, with an expected market capitalization in the region of $200 billion, according to a January Reuters report. 2018 morningstar, Inc. All ant ipo listing date Reserved approved for both the Hong Kong Stock Exchange will … Group. Connect appears to be approved, though that does not apply in China be a need raise! By 11 with five minutes left so i flipped back a few minutes later and they had!... 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