Ant has been buffeted by the US-China trade war and increased Chinese government scrutiny over the size of its mammoth money-market fund and sprawling financial operations. (The company has played up its tech credentials, likely to avoid the baggage that comes with being seen as systemically important.) Even so, some analysts are suggesting bullish valuations of $210 billion or more, based on their estimates for the company’s 2021 earnings and its ecosystem ties to Alibaba.

Alibaba’s IPOs underscore how things have changed since it listed on the New York Stock Exchange six years ago. Chinese tech champions had routinely flocked to the US to list shares, but now these companies, facing threats and greater scrutiny from US officials, have been rushing back to China or Hong Kong. US-listed e-commerce giant, a rival of Alibaba, as well as gaming company Netease are among the Chinese companies that launched secondary listings in Hong Kong this year.

Ant’s IPO could also seen as a boost for capital markets in mainland China and Hong Kong, as the sweeping national security law implemented by Beijing in the former British colony raises questions about the city’s status as an international financial hub. Ant is 33% owned by Alibaba and is controlled by Alibaba founder Jack Ma.

One of the biggest winners of the IPOs could be the STAR market, which may become the world’s largest exchange by funds raised after the offering. The Chinese board has raised  $14.1 billion in proceeds from initial and secondary listings as of July 10 this year, making it the second-largest exchange worldwide following Nasdaq, which raised $18 billion during the period. Some $13.8 billion was raised in Hong Kong, according to Refinitiv data.

“The news is positive to the market, which helps unlock the value of Ant Group, a techfin company with three pillars in digital payment and finance, globalization and technology services,” Thomas Chong, an equity analyst at Jefferies, wrote in a note. “There are a lot of areas that Ant can integrate with Alibaba and cater to the needs of the whole consumer life cycle.”

📬 Sign up for the Daily Brief

Our free, fast, and fun briefing on the global economy, delivered every weekday morning.