Hong Kong – Chinese financial technology firm Ant Group growth to being the largest IPO has enticed Goldman Sachs to join a group of investment banks as it amasses $30 billion as its initial public offering.
Ant is an IPO group backed by the e-commerce giant Alibaba Group that had plans to grow the largest IPO in the world as it listed in Hong Kong and China to achieve a higher format of expanding.
Key officials were not allowed to speak to the media on the company but sources say that Goldman Sachs has been proposed to be a joint lead manager for the Hong Kong leg of the IPO.
A spokesman for Goldman Sachs, which also acted as a joint lead manager on Alibaba’s $12.9 billion secondary listing in Hong Kong last year, declined to comment.
Ant also declined to comment.
Ant Group’s IPO is a billion dollar unlisted tech firm that is already considered one of the most valuable IPO for also being simultaneously listed in Hong Kong and Shanghai’s year-old STAR market.
The China International Capital Corp (CICC), Citigroup, JP Morgan and Morgan Stanley are sponsoring the current Hong Kong leg of the IPO while Credit Suisse acts as joint global coordinator.
The hierarchy set up for the Hong Kong IPO involving the top-ranked banks follows the structure of sponsors being at the top who carry the legal liability for the accuracy of the prospectus with joint global coordinator directly below them and joint lead managers below the joint global coordinators.
Saudi oil titan Aramco had raised $29.4 billion last year which was known to have surpassed Alibaba’s $25 billion float back in 2014, setting Ant Groups IPO to have surpassed all former super runs with a whopping $30 billion on the upper end of expectation.
Alipay, Ant Group’s biggest and most notable business, had been China’s largest player with 62 trillion dollars (430 yuan) third-party mobile payments market.
The United States market would be missing out on the biggest IPO to occur in history as the Ant Group’s $200 bill flotation would have normally bee a candidate in the NASDAQ and NYSE but due to the tension between United States and China, the chance was passed over and brought to the Shanghai and Hong Kong’s Stock Market instead.
This comes as a blow to the already ailing American economy as America’s main financial royalty of Citigroup, JP Morgan and Morgan Stanley are just three of the many others over seeing the IPO listing.
