Ant’s dual listing set to reward early investors, including two Hong Kong tycoons

Family members of Hong Kong’s former chief executive Tung Chee-hwa also own 1.78 million of the Alipay operator’s class C shares, a category of non-voting stock issued to offshore investors. More than a dozen current and former employees of Alibaba and Ant will become dollar-denominated billionaires as well, if Ant’s reported target valuation is met.

The value of these stakes are yet to be determined, pending a pricing process, but are likely to rise by 33% if Ant’s targets are met.

Bloomberg recently reported that Ant Group would be forging ahead with its dual listing plans in Hong Kong and Shanghai as early as October this year, seeking a valuation of US$225 billion. The share sales could raise a total of about US$30 billion if markets are favorable, a source added.

According to SCMP, Jack Ma’s stake in the fintech firm will be valued at US$25 billion if the company achieves its target valuation. Ant Group is controlled by the Alibaba co-founder, who exercises 50.52% of its voting rights through stakes in two limited partnership units.