THE INITIAL PUBLIC offering (IPO) of shares in Jack Ma’s Ant Group may become to be seen as having been an inflection point in global capital markets. Even just a few years back the thought of raising $34 billion anywhere but in New York would have been incredible.
No longer. Next week’s dual listing in Shanghai and Hong Kong will be evidence of that. Ant’s IPO will be the largest ever and will value the Alibaba Group financial technology affiliate at $313 billion. That would make Ant more valuable than the largest US bank, JP Morgan Chase.
The Trump administration talks of excluding Chinese firms from US capital markets as a sanction. That is what is now starting to sound as lacking credence.