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Jack Ma’s Ant Group set to raise over $34bn in record stock market debut

Chinese financial tech giant, Ant Group, is set to sell shares with a value of about $34.4bn (£26.5bn) on the Shanghai and Hong Kong stock markets.

Ant, backed by Jack Ma, billionaire founder of e-commerce platform Alibaba, were sent the share price by advisors on Monday amid major investors reporting a very strong demand.

Only 11% of Ant’s shares are being sold, however the online payment business’s pricing values the whole business at around $313bn.

Confirmed as the richest man in China, Mr Ma’s Ant shares are reportedly worth around $17bn, taking his net worth close to $80bn.

Ant runs Alipay, the dominant online payment system in China, where e-payment devices and apps have cast a large shadow over cash, cheques and credit cards. Additionally, Alipay has 1.3 billion users and says the total volume of payments on its platforms in China for the year ending in June was a giant $17.6tn.

Wealth management, insurance and money transfer services are also offered by Ant.

Next week, The company is expected to make its dual listing in Shanghai and Hong Kong, highlighting how the latter is of growing importance as a financial hub.