The Pessimist’s Guide to Jack Ma’s Record-Breaking Ant IPO
- Fintech giant is one of the most anticipated debuts in years
- Ant also faces growing regulation and stiff competition
Ant’s Alipay service revolutionized the way Chinese people pay for things, both online and in physical shops.
Photographer: Gilles Sabrie/BloombergThis article is for subscribers only.
Few initial public offerings have aroused more anticipation than the blockbuster listing of Jack Ma’s Ant Group Co.
Demand for the record $34.5 billion IPO has been so strong this week that Ant decided to stop taking orders from big investors a day earlier than planned. In Shanghai, initial bids exceeded supply by more than 280 times. Some mom-and-pop investors in Hong Kong are taking on 20 times leverage to supercharge their bets.