Did you know ants can lift 50 times their body weight?
This seems like a relevant factoid, considering the Chinese tech giant Ant Group is expected to surpass projections and raise $34.5 billion in its public offering.
Outpacing. These expected earnings surpass original estimates of $30 billion.
- The update comes on the heels of the Group’s announcement that it would split its stock issuance equally across Shanghai and Hong Kong (1.67 billion new shares each)
- The stock boom comes at the height of a recent upward trend amongst Chinese markets, despite proposed blacklisting by the U.S. government
Big results. Huge. Thanks to the increased expectations, Ant Group is now valued at over $313 billion.
- To put that in perspective, it’s higher than both Goldman Sachs and Wells Fargo, although just below Mastercard.
- It is officially the biggest IPO of all time.
- Hong Kong trading will begin November 5th, Shanghai trading is TBA.
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