HANGZHOU, July 20 (Xinhua) -- Ant Group, the parent company of China's leading mobile-payment business Alipay, announced Monday that it has commenced the process of concurrent initial public offerings in Shanghai and Hong Kong.
The listings on the Shanghai Stock Exchange's STAR board (SSE STAR market) and the Stock Exchange of Hong Kong Limited (SEHK) will help the company accelerate digitizing the service industry in China and driving domestic demand, and position the company to develop global markets with partners and expand investment in technology and innovation, Ant Group said.
"The innovative measures implemented by SSE STAR market and the SEHK have opened the doors for global investors to access leading-edge technology companies from the most dynamic economies in the world and for those companies to have greater access to the capital markets. We are thrilled to have the opportunity to play a part in this development," said Eric Jing, Executive Chairman of Ant Group.
"Becoming a public company will enhance transparency to our stakeholders, including customers, business partners, employees, shareholders and regulators. Through our commitment to serving the under-served, we make it possible for the whole of society to share our growth," Jing said in a press release.
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