HONG KONG/BEIJING: Ant Financial shares are being offered privately at levels which value the Chinese financial giant at $200 billion, two people with knowledge of the discussions said, lifting it up the ranks of the most valuable unlisted companies.
Alibaba affiliate Ant, which had an implied valuation of $150 billion during a 2018 fundraising, is preparing to step up plans for eventually going public in Hong Kong and mainland China, three other sources said.
Speculation has grown that Ant, the world’s largest so-called “unicorn” — a newly-formed unlisted tech firm valued at $1 billion or more — is working toward an IPO this year.
Its advisers have recently approached potential buyers of the unlisted shares, the first two people said, as Ant seeks to tidy up its shareholder base ahead of any listing.
An Ant Financial spokesman said the company does not have a plan or timetable for an initial public offering (IPO).
Small holdings of Ant shares were traded in the secondary market at a $200 billion valuation late last year, another person familiar with the situation said. All of the people declined to comment due to confidentiality restrictions.
Investors worldwide are scrutinising valuations for “unicorns” more closely after last year’s collapse in value of the once-hyped office space provider WeWork. Some Ant investors packaged their shares into wealth management products so may not technically still hold them all, potentially complicating regulatory approval for an IPO. — Reuters
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