Ant Financial Services Group, an arm of e-commerce giant Alibaba, is generating excitement among bankers and investors as it gears up for an initial public offering that could be next year’s biggest deal in financial technology.
The biggest winner from a listing could be Ant, or parent Alibaba, or investors, or underwriters. Or it could be China’s smaller companies, currently starved of credit. Ant’s listing is therefore an important milestone for the Chinese government’s ongoing programme to reorient the economy by transferring wealth from state-owned enterprises to the private sector.
Alibaba, Baidu, Tencent and JD.com have all capitalised on their success in e-commerce by boosting their...
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