HONG KONG: Shares in Chinese e-commerce giant Alibaba jumped to a new record Wednesday morning, a day after the group's financial arm filed paperwork for a joint Shanghai and Hong Kong listing.
The IPO for Ant Group, the financial technology arm of Alibaba, is being billed as one of the world's largest listings, potentially eclipsing the record $29 billion raised by Saudi Aramco last year. The company filed paperwork on Tuesday evening for a joint listing closer to home as tensions spiral between the United States and China.
It did not detail a timetable for its public offering or how much money it hopes to raise. But the filing has already created a buzz.
As the market closed for lunch, Alibaba's Hong Kong shares were up 3.57 percent at HK$278.8. Alibaba, which is listed in both Hong Kong and New York, is China's largest e-commerce conglomerate and is owned by billionaire Jack Ma.
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