{"id":98470,"date":"2020-10-27T13:10:01","date_gmt":"2020-10-27T10:10:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ant-group-ipo-to-rocket-alibaba-founder-jack-mas-wealth\/"},"modified":"2020-10-27T13:10:01","modified_gmt":"2020-10-27T10:10:01","slug":"ant-group-ipo-to-rocket-alibaba-founder-jack-mas-wealth","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ant-group-ipo-to-rocket-alibaba-founder-jack-mas-wealth\/","title":{"rendered":"#Ant Group IPO to rocket Alibaba founder Jack Ma’s wealth"},"content":{"rendered":"

“#Ant Group IPO to rocket Alibaba founder Jack Ma’s wealth<\/strong>”<\/p>\n

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\"Jack
\n Jack Ma has become a multi-billionaire in two decades since setting up Alibaba with $60,000
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Chinese tech titan Jack Ma is set to become the world’s 11th richest person after the financial arm of his e-commerce titan Alibaba raises billions in a mammoth public listing, according to the Bloomberg News<\/a>.<\/p>\n

Ant Group said Monday it plans to raise $34 billion in a listing shared between Hong Kong and Shanghai\u2014making it the biggest IPO in history.<\/p>\n

The e-payments behemoth, which runs China’s dominant online payment system Alipay, plans to sell 1.67 billion shares at HK$80 ($10.30) each in Hong Kong from Tuesday.<\/p>\n

Ant Group’s split float would exceed the $29 billion chalked up by Saudi Aramco in December, a high-profile win for a Chinese company during a period of bad headlines for mainland tech firms as Beijing and Washington face off on a number of fronts.<\/p>\n

According to Bloomberg former English teacher Ma’s 8.8 percent stake in Ant is worth $27.4 billion based on the stock pricing, and will lift the entrepreneur’s fortune to $71.1 billion.<\/p>\n

That would send him rising up Bloomberg’s Billionaires Index, with his wealth exceeding that of Oracle’s Larry Ellison, L’Oreal heiress Francoise Bettencourt-Meyers, and individual members of the Waltons, whose family own US retail giant Walmart.<\/p>\n

The charismatic Chinese businessman was a cash-strapp<\/a>ed entrepreneur when someone showed him the internet on a 1990s trip<\/a> to the United States.<\/p>\n

He launched various internet-related business projects in China that met with mixed success before convincing a group of friends to give him $60,000 to start his Alibaba e-commerce venture in 1999.<\/p>\n

Bloomberg said at least 18 other people will become billionaires from the IPO, including director Lucy Peng, the biggest individual Ant owner after Ma, and chairman Eric Jing.<\/p>\n

Ant operations have expanded over the years from consumer e-payments to offering business credit and areas including cloud computing and artificial intelligence.<\/p>\n

A study last week from the Hurun Report found Ma’s wealth had climbed a whopping 45 percent this year, as online shopping firms saw a surge in business owing to people being shut indoors for months during strict lockdowns to contain the virus.\n <\/p>\n\n

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Alibaba fintech arm gets nod for record IPO listing in Hong Kong\n <\/p><\/div>\n

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\n \u00a9 2020 AFP<\/p>\n

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Citation<\/strong>:
\n Ant Group IPO to rocket Alibaba founder Jack Ma’s wealth (2020, October 27)
\n retrieved 27 October 2020
\n from https:\/\/techxplore.com\/news\/2020-10-ant-group-ipo-rocket-alibaba.html<\/p>\n

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