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Reuters

Saudi Arabia’s sovereign fund PIF is weighing a potential investment in the initial public offering of Chinese financial technology firm Ant Group, which could be the world’s biggest IPO, two sources familiar with the matter said.
Ant, Alibaba Group Holding’s fintech arm and China’s dominant mobile payments firm, filed for a dual listing in Hong Kong and on Shanghai’s Nasdaq-style STAR Market last month.
(Alibaba is the parent company of the South China Morning Post.)
The offering size could reach as much as US$30 billion if market conditions allow, Reuters reported citing three sources.
That would make it the world’s biggest IPO since oil giant Saudi Aramco raised US$29.4 billion last December, which surpassed the record set by Alibaba.
Ant Group IPO set for Star Market review in Shanghai on September 18
The Public Investment Fund (PIF) was approached by Ant through its advisers to consider investing in the deal, the sources said.
“They are looking at it,” said one of the sources.
If the investment goes ahead, it would be the Saudi fund’s most high profile direct investment in a Chinese company.
PIF declined to comment. Ant spokespersons did not immediately respond to Reuters request for comment outside Asia business hours.


Ant’s initial public offering would be the first simultaneous listing in Hong Kong and the year-old STAR Market, boosting Hong Kong’s status as an international IPO market and helping enhance STAR as a capital markets centre.
PIF, which has over US$300 billion in assets, has been largely pouring funds in the United States, but in June it agreed to invest US$1.49 billion in Reliance Industries’ digital unit Jio Platform.
PIF’s head Yasir al-Rumayyan told CNBC last year the fund has its eye on China as it expands international investments.
Since becoming a more active investor in 2015, PIF has made some bold steps to raise its profile on the global stage.
It took a US$3.5 billion stake in Uber Technologies and invested US$45 billion in Softbank’s inaugural technology fund.


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Fintech

Saudi Arabia’s sovereign fund PIF said to be considering investing in Ant IPO

Ant, China’s dominant mobile payments firm, filed for a dual listing in Hong Kong and on Shanghai’s Nasdaq-style STAR Market last month. Photo: Reuters

Ant Group’s mega IPO will reward staff and early investors, including the businesses of two of Hong Kong’s wealthiest families

Mrs Yim shows the merchant quick response (QR) code and payment instructions for Ant Group's Alipay service at her stall at Po Tat Market in Hong Kong’s Sau Mau Ping on 18 November 2017. Photo: Edmond So

Graphic for online Top ten richest in Greater China in 2019 Wealth Rank Name (b yuan) Change (y-o-y %) Main company Global Age ranking 1 Jack Ma and family [A22 Alibaba 2 Pony Ma Huateng 255 V19 Tencent 48 24 3 Hui Ka Yan (Xu Jiayin) 250 1 V10 China Evergrande 61 4 Li Ka-shing 200 V3 CK Hutchison 91 29 5 Lee Shau-kee 180 V21 Henderson Land 91 32 6 Yang Huiyan 160 V28 Country Garden 38 35 7 He Xiangjian and He Jianfeng 130 V34 Midea 77 52 44 8 Yan Hao and family 120 V5 China Pacific Construction 33 53 9 Henry Cheng Kar-shun and family 115 V11 Chow Tai Fook 71 57 10 Wang Jianlin and family 115 V37 Wanda Group 65 65 Source: Hurun Research Institute SCMP

epa08430631 (FILE) - Jack Ma, Executive chairman and co-founder of Alibaba Group at the Vivatech startups and innovation fair, in Paris, France, 16 May 2019 (reissued 18 May 2020) Reports on 18 May 2020 state Jack Ma has resigned from Japanese SoftBank's board. SoftBank on 18 May 2020 said its Vision Fund had suffered a 18 billion USD loss. EPA-EFE/JULIEN DE ROSA *** Local Caption *** 55197041

(L-R) Tycoon Li Ka-shing with his son Victor Li Tzar-kuoi, Chairman of CK Asset Holdings Ltd, at the companies annual dinner, Wan Chai. 10JAN20 SCMP / Dickson Lee

Hong Kong tech stocks gain as Ant Group files for dual IPO that could mark the world’s biggest fundraising ever

The Exchange Square complex, which houses the Hong Kong stock exchange, in Hong Kong. Photo: Bloomberg

Jack Ma’s Ant Group files plans for dual listing in Hong Kong and Shanghai, showcasing profitable business

Ant Group, formerly known as Ant Financial, prepares for its market debut. Photo: Getty Images

A merchant quick response (QR) code and payment instructions for Ant Financial Services Group's Alipay, are displayed at a stall inside Po Tat Market in Sau Mau Ping. 18NOV17 SCMP / Edmond So

SHANGHAI, CHINA - NOVEMBER 20: An Alipay office building is pictured at Pudong Finance Plaza on November 20, 2019 in Shanghai, China. (Photo by Wang Gang/VCG via Getty Images)

Global top IPOs

Simon Hu, chief executive of Ant Financial Services, unveils the three-year plan to open up the Alipay platform at the Alipay Partner Conference held in Hangzhou, Zhejiang province, on March 10. HANDOUT PHOTO

Market share of China's third party payments providers in the fourth quarter of 2019 Others WeChat Pay Sources: iResearch, Bank of America Alipay 53% SCMP

Ant Group is the operator of China’s most used third-party mobile payments app Alipay. Photo: Getty Images

Ant Group’s plan for listing shows the US is not the only option

The logo of Ant Financial Services Group, Alibaba's financial affiliate, at its headquarters in Hangzhou, Zhejiang province, China. Photo: Reuters

epa08558080 Alibaba logo is seen on their headquarters building in Shanghai, China, 21 July 2020. The Chinese technology and financial-services giant Alibaba's Ant Group, founded by billionaire Jack Ma, is set-up to kick start concurrent IPO's in Hong Kong and Shanghai at the same time bypassing New York. EPA-EFE/ALEX PLAVEVSKI

Why Jack Ma’s Ant Group chose a dual IPO in Hong Kong and Shanghai and not New York

An employee works at a reception counter in the lobby of the Ant Group headquarters in Hangzhou, China. Photo: Bloomberg

Eric Jing, chairman, and CEO of Ant Financial. SCMP/ Tom Wang

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Ant filed for a dual listing in Hong Kong and on Shanghai’s Nasdaq-style STAR Market last month
Saudi sovereign fund PIF was approached by Ant through its advisers to consider investing in the deal, sources say



Saudi Arabia’s sovereign fund PIF was approached by Chinese financial technology firm Ant through its advisers to consider investing in its initial public offering, sources say.


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