Billionaire Jack Ma boasted that he was about to have an IPO

Billionaire Jack Ma boasts an IPO “the biggest in human history”

Alibaba founder Jack Ma said the double IPO of fintech giant Ant Group (China) will be the largest in the world according to the stock price determined recently.

Ant Group headquarters in Zhejiang province, China. Photo: AFP

“This is the first time such a massive listing, the biggest in human history – has been done outside New York City,” Jack Ma revealed at a summit called. “Bund Summit” is held in TP. Shanghai, China.

“We didn’t dare to think about this deal five years ago, or even three years ago. But a miracle just happened,” Jack Ma said at the Bund Summit in front of Chinese officials.

Although billionaire Jack Ma did not give specific information about the expected IPO share price of Ant Group, this price is expected to be announced. official next week.

Backed by e-commerce giant Alibaba, Ant Group plans to simultaneously list in Hong Kong and the STAR market in Shanghai in the coming weeks.

Informed sources revealed that this listing may be worth $ 35 billion, surpassing the record IPO deal of Saudi Aramco Oil Group in December 2019.

Jack Ma said the current management system and financial system are restraining the innovation of businesses, and urged the Chinese side to reform to expand financial services to more companies and investors. Small private businesses can access loans and technology-based services that Ant is focusing on developing.

The Chinese billionaire believes that the global financial system established after World War II is outdated and too risky. The founder of Alibaba calls the Basel Committee on Banking Supervision (BCBS) “the club of the old men”, warning that risks are accumulating throughout the economy.

In China, banks still operate as “pawnshops”, requiring borrowers to secure collateral and provide guarantees before lending, a model that Jack Ma says will not promote growth in the future.

Instead, the Chinese billionaire called for a new, comprehensive, and universal banking system to be built and universal lending to small businesses and individuals on a large database.

Ant Group aims to expand the microfinance and payments business primarily based on big data, but is facing increasing levels of scrutiny by local regulators.

“The financial system today is a legacy of the previous industrial age. We must establish a new one for the next generation and the young. We must reform the current financial system,” said Jack Ma called on.

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