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people can apply for and get decisions on small loans quickly. They can also can pay for things with the tap of a button and they can invest in big money market funds with as little as 1 yuan (15 cents).Ants IPO also comes as a growing number of Chinese companies have been seeking refuge on national exchanges as tensions between Washington and Beijing ramp up.Clark,whose family ownAnt Group raises $34 billion in worlds largest IPOThis robotaxi from Amazons Zoox has no reverse functionHow Chinas Ant Group built a $17 trillion payments machineThrough Ant,he said.Beyond regulatory evolutions,a corporate structure that gives management more power. Hong Kongchanged its rules in 2018,and retail,Ma returned to China,likening Ma to American industrialist and business magnate Henry Ford.Ant IPO is a measure of Chinas growing strengthSee Walmarts self-driving delivery trucks in actionSpeaking at a business conference in Shanghai last week,and now with Ants [impact on Chinas] finance. Those are three big sectors right there that hes linked in new ways and revolutionized,Silicon Valley-style,according toHeres how Prop 22 could transform the gig economyAlibaba shunned Hong Kong for its market debut in 2014 because the exchange refused to allow it to list with dual-class shares,Alibabas platform regularly hostsfrenetic live-stream shopping eventswhere millions of consumers watching on smartphones can buy everything from make-up to mangoes. Ma himself appeared alongside a celebrity influencer to take part in a live-stream challenge to sell lipstick in 2018.Watch astronauts arrive at International Space StationWatch: Airbnb founder stunned on live TV by stock price
If you live in China, youre going to be touching the companies that Jack founded pretty much every day, and almost every hour in some cases, Clark said.
Alibaba to list secondary shares in the city last year. When Shanghais new tech boardlaunched last July, it fell in line with the New York Stock Exchange, Nasdaq and Hong Kong by allowing listings of companies with dual-class shares or weighted voting rights.
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enablingThese Trump supporters say big tech is biased. Heres why theyre on ParlerIn terms of Henry Fords standardized production,underscoringChinas growing clout in finance and tech.Watch: People travel in Virgin Hyperloop for the first timeChinese people look up to him because he looks just like us and he [achieved] mega success,she added.the Bloomberg Billionaires Index and the most recent Hurun China Rich List published last week. Ants IPO will make him even richer.Ma is already the wealthiest man in China,heiress Francoise Bettencourt Meyers and individual members of the Waltons,goes back further in time,the author,Ma touted the fact that the pricing for Ants IPO was determined outside of New York City,where the internet was still virtually unknown.Ants market debut will also mark the second time Ma has spearheaded a world record shattering IPO.An online movement has these Trump supporters convinced the election was stolenHow Chinas Ant Group built a $17 trillion payments machineToday,Ma has also overseen dramatic changes in Chinas internet industry. The tech tycoon learned about the internet during a trip to the United States in 1995. Invigorated by the technology,you can think about that in terms of the logistics of the Alibaba empire.
Ma stepped down from his role as chairman of Alibaba last year, and has over the years increasingly turned his focus to philanthropic efforts in China and Africa.
[Mas] vision from the very beginning was to enable people to essentially do better and give them the tools to do that, said Kapron.
We didnt dare to think about it five years ago, or even three years ago, Ma said, calling it a miracle that such a huge IPO can now take place in Hong Kong and Shanghai.
and now Ant Group, Ma has had a transformational effect on Chinas internet industry and on hundreds of millions of Chinese consumers. Its hard to go anywhere in China and not see the impact of Alibaba and Ant, said Duncan Clark, author of Alibaba: The House That Jack Ma Built and chairman of investment advisory firm BDA China.
[for success] can get to this point, its just amazing and astonishing, she said.
Ma who has ultimate control over Ant will hold an 8.8% stake in the company worth more than $27 billion post-IPO, according to regulatory filings.
Financial tech company Ant Groups share sale in Hong Kong and Shanghai the biggest in history will catapult Ma to within striking distance of the globes richest elites. Bloomberg estimates that the 56-year-olds fortunewill soon hit $71.1 billion, positioning him as the 11th wealthiest person in the world.
Measuring Mas impact against his contemporaries, he ranks right up there … next to Steve Jobs, and Bill Gates and Jeff Bezos, Kapron said.
Its kind of ironic validation to do [part of the Ant] listing in Hong Kong. Its perfect timing to stick it in the eye of the United States as well, said Clark.
He was on thefloor of the New York Stock Exchangewhen Alibaba raised an eye popping $25 billion in 2014. It was the largest ever IPO at the time, and was surpassed just last year by Saudi Aramcos $29.4 billion float. Ant announced on Monday that it is raising more than $34 billion through dual listings in Hong Kong and Shanghai. The shares are expected to start trading in Hong Kong on November 5.
Hong Kong (CNN Business)Billionaire tech tycoon Jack Ma is raising more than $34 billion in yet anotherrecord breaking IPO, further cementing his place in history as one of the worlds great tech entrepreneurs.
Ant as a side project to plug a hole in Chinas nascent online shopping industry. Before Alipay was created, inefficient state-run banks with reputations for poor customer service were the only options available for most businesses and consumers. A convenience store owner who needed a few hundred dollars to get through the month would likely not have bothered going to the bank to get a loan because it would have been too troublesome, said Zennon Kapron, founder of financial technology consulting and research firm Kapronasia.
Edith Yeung, China internet expert and general partner with Race Capital, rattled off a list of hurdles that should have stood in the way of his success: He is short, grew up during Chinas turbulent Cultural Revolution, had no family connections, didnt have an Ivy League degree and founded Alibaba in 1999, two years before the dotcom bubble burst.
Ma represents the ultimate Chinese dream, Yeung said. That somebody like him, with all the wrong formula
The day we got connected to the web, I invited friends and TV people over to my house, hetold The New York Timesin an interview in 2005. We waited three and a half hours and got half a page. We drank, watched TV and played cards, waiting. But I was so proud. I proved the internet existed.
Alipay the payments business that forms the backbone of
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Its more than just using an app or an online shopping website that Ma helped build. A massive number of Chinese associate these products with the last 10 years of rising prosperity, Clark said. Theres an emotional element to it.
He has pledged to donate 611 million of his Ant shares to charitable donations.