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Doris Yu · · 1 min readSingapore’s GIC plans to invest over $1b in China’s Ant Group
Ant Group aims to raise up to US$35 billion with its dual listing in the Hong Kong Stock Exchange and Shanghai’s Nasdaq-like Star Market, which may become the biggest IPO globally. The Alibaba affiliate could be valued at around US$250 billion.
GIC and Temasek Holdings are planning to participate in the listings in both markets. Meanwhile, China’s National Council for Social Security Fund plans to buy shares in the Shanghai market, sources said. The discussions are at an early stage, and nothing has been decided yet, the people said.
The fintech startup raised funds from GIC and Temasek in 2018, while China’s pension fund reportedly acquired a 5% stake in the company in 2015.
According to the prospectus, Ant Group generated US$11 billion in revenue and US$3.2 billion in profit for the first half of the year.
Editing by Collin Furtado and Jaclyn Teng
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