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A Chinese fintech could be bigger than Goldman Sachs and Wells Fargo put together

Ant Group
Reuters/Bobby Yip
A monster IPO.

The world’s most valuable fintech could turn out to be one of the most valuable financial companies in the world.

Ant Group, the upstart that was spun out of Chinese e-commerce giant Alibaba, said today (July 20) that it will list on the Hong Kong Stock Exchange and on China’s Science and Technology Innovation Board, dubbed the STAR market and seen as the country’s answer to the Nasdaq. The company did not reveal the timeframe or the size of the listings, but said the IPOs would accelerate its plans for digitizing the service industry in China and driving domestic demand, while also helping its international efforts.

The operator of Alipay, the ubiquitous digital wallet and financial “super app,” won a monster $150 billion valuation after a funding round in 2018. Its IPO could reportedly lift the valuation to $200 billion, putting it on par with Bank of America, and worth as much as Wells Fargo and Goldman Sachs put together. That would make the six-year-old company one of the most valuable financial services firms in the world, trailing only the likes of JPMorgan Chase and Visa.

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