• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Ant Group IPO pricing ‘history’s largest,’ says Alibaba’s Jack Ma

5 years ago
in Business, highlights, Home, home-news, latest News
1 min read
0 0
0
Jack Ma - norvanreports

Jack Ma - norvanreports

129
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

The mammoth dual listing for Chinese fintech giant Ant Group will be the world’s biggest, according to a pricing determined on Friday night, Alibaba founder Jack Ma said on Saturday.

“It’s the first time that the pricing of such a big listing — the largest in human history — has been determined outside New York City” he told the Bund Summit in the eastern financial hub of Shanghai.

“We didn’t dare to think about it five years ago, or even three years ago. But a miracle just occurred,” he told the audience, which included officials from China’s regulators.

He did not give exact details of the pricing which is expected to be officially announced next week.

Backed by Chinese e-commerce giant Alibaba, Ant plans to list simultaneously in Hong Kong and on Shanghai’s STAR Market in the coming weeks.

Sources have said the listing could be worth $35 billion, surpassing the record set by Saudi Aramco’s $29.4 billion float last December.

Ma said the financial and regulatory system stifles innovation, calling for a revamp to extend financial services to more small firms and individuals on the basis of technology — an ethos that Ant is largely based on.

RelatedPosts

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Nigeria’s 1.6 Million Container Trade Far Less Than it’s Ports Potential – Logistics Expert

He said the global system established after World War II is outdated and too risk-averse, calling the Basel Committee on Banking Supervision “an old men’s club” and warning that risks are accumulating in the whole economy.

In China, banks still operate with a strong “pawnshop” mentality, demanding collateral and guarantees before lending, a model that will fail to fuel future growth, he said.

Instead, he said a new, inclusive and universal banking system that lends to small businesses and individuals on the basis of big data should be established.

Ant, which has an extensive payment and micro-lending business that is largely based on big data, has faced rising scrutiny from regulators.

“Today’s financial system is the legacy of the Industrial Age,” Ma said. “We must set up a new one for the next generation and young people. We must reform the current system.”

Via: norvanreports
Tags: AlibabaAnt GroupJack Ma
No Result
View All Result

Highlights

Inside Details of Presco’s $172m Acquisition of SOP, Ghana Oil Palm Firm

Africa’s Richest Economy’s Currency Hits Nine-Month High as Fed’s Dovish Signal Weakens Dollar

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

Moving Gold, Moving Economies: The Rise of Migrant Women in Zimbabwe’s Mining Sector

Senegal and Mercedes-Benz Partner to Build Trucks

INTERPOL Recovers Over $90 Million From African Crime Syndicates

Trending

Features

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

August 23, 2025

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul In the heart of West...

The 10 Fastest-Growing Trading Nations in Africa

August 23, 2025

Nigeria’s 1.6 Million Container Trade Far Less Than it’s Ports Potential – Logistics Expert

August 23, 2025

Inside Details of Presco’s $172m Acquisition of SOP, Ghana Oil Palm Firm

August 23, 2025

Africa’s Richest Economy’s Currency Hits Nine-Month High as Fed’s Dovish Signal Weakens Dollar

August 23, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.