Ant Group can outperform Saudi Aramco and become the largest IPO in the history of the financial system.

Saudi Arabian Oil Company, Saudi Aramco caused a frenzy among investors when it made its initial public offering in 2019.

The world’s largest oil company obtained $ 25.6 billion, exceeding the IPO of the Chinese company Alibaba.

Jack Ma is obsessed with greatness and likes to be visible in the spotlight. The Chinese billionaire, owner of the Ant Group, plans to IPO the payments giant, concomitant, on the Shanghai and Hong Kong stock exchanges.

The Ant Group’s main activity is to provide the payment system between consumers and companies, promoting electronic commerce.

Ant Group also extends its services to the corporate environment, making payments between companies possible.

The expectation is that the concomitant IPO, on the two main Chinese exchanges, will raise more than 35 billion dollars.

US.LUXURY expresses its hope that Jack Ma will be fully successful in yet another great event in the corporate finance sector.

By the way, business success is implicit in Jack Ma’s biography.

Chinese stock market regulators called Jack Ma and other executives of the Ant Group to a meeting, with the aim of further investigating the IPO of simultaneous listing on the Shanghai and Hong Kong stock exchanges.

The Ant Group was separated from its controller and Chinese e-commerce giant, Alibaba. Since then, Grupo Ant, owner of Alipay, which is China’s most popular payment and loan application, has also become a giant financial company and has started to compete and annoy traditional banks.

But banking activity requires strict inspection, with the purpose of guaranteeing the solvency and credibility of the financial market. Each country in its own regulatory framework for the financial market.

Some laws that govern the banking market are international. The Basel Accord, which is also known as the International Convergence of Capital Measurement and Capital Standards, establishes common parameters of liquidity and accountability for the banking system in most countries.

And Chinese financial market regulators understand that Alipay has to be subject to the same rules and requirements that are made with traditional banks.

Alipay effectively operates similarly to traditional banks, since it provides loans and sells coexisting financial products and services in banks, which are offered by the largest Chinese banking institutions.

The Ant Group’s initial public offering was expected to be the largest IPO in history, surpassing the launch of shares in the Saudi Arabian Oil Company, also known as Saudi Aramco, which took place in 2019 and raised $25.6 billion.

The Ant Group has also partnered with major Chinese banks, acting as an intermediary between borrowers, including companies and individuals. Thus, Grupo Ant does not need to operate with its own capital.

In a statement to the market, Grupo Ant stated: β€œWe will keep in close communications with the Shanghai Stock Exchange and relevant regulators, and wait for their further notice with respect to further developments of our offering and listing process.”

The suspension of the double listing of the company’s initial public offering poses an obstacle to Jack Ma’s ambitions to transform Grupo Ant into the largest financial intermediation and banking company in the world.