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Jack Ma's brick group will bring Dollar 34 billion worth of shares to the stock market

 

Ant Fin Group, a Chinese financial technology company, is set to launch its shares in the Hong Kong and Shanghai stock markets next week, and according to initial estimates, this will be the largest entry into a company's stock market in history.


Behind the Brick Group is billionaire Chinese businessman Jack Ma, founder of the e-commerce platform. The brick group is set to sell about ً 34.4 billion in the stock market.


The company's advisers set the share price on Monday after reports of strong interest from investors.


Earlier in the day, Saudi Aramco had the largest entry in the stock market at 29.4 billion.


Brick is an online payment business and is bringing only 11% of its market share. The value of the entire camouflage is estimated at ً 313 billion.



Jack Ma has about ارب 17 billion worth of bricks and an estimated wealth of about ً 80 billion and is the richest man in China.


Brick owns AliPay, the largest online payment system in China, where money is transferred through e-payments and apps instead of cash, checks and credit cards. Alipay has about one billion users.


The company is expected to introduce its shares in both the Shanghai and Hong Kong stock markets next week, reflecting the growing importance of the Hong Kong stock market in the region.


The Trump administration has threatened to limit Chinese companies' access to US capital markets, a link in the long-running trade war between the two countries. In response, China has asked its big companies to pay attention to local stock markets.


Chinese technology companies NetEase and JD.com have already raised billions of dollars from the Hong Kong stock market.


According to Bloomberg News, Jack Ma said at a conference in China on Saturday that the entry of the brick group in the stock market would be very important for Shanghai and Hong Kong.



Major investors in the listing, expected on November 5, include Singapore's state-funded Temasik Holdings, Abu Dhabi's state fund GIC and the Abu Dhabi Investment Authority.


Experts say the listing will allow investors to become part of Asia's fastest-growing technology sector.


"Digital commerce platforms give investors around the world the opportunity to be part of the Asian wave of future value creation," says Varun Mittal, Singapore-based analyst at EY Consulting.


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