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Wires Report That China's Ant Group Have Filed A Prospectus For IPO

HONG KONG

Recall that in early July Reuters reported that Alibaba's fintech arm Ant Financial are planning a Hong Kong float as soon as 2020, targeting a $200bln valuation.

  • That could be an IPO of considerable size for HK - and such floats often have outsized impacts on HKD via interbank rates. On several occasions in 2019, HIBOR rose sharply as markets anticipated cash demand in Hong Kong ahead of the IPOs for both AB InBev (circa $5bln in September) and Alibaba (circa $15bln in November).
  • As such, it's likely a sizeable IPO from Ant Financial in Hong Kong would have a similar impact and apply upward pressure to front-end HIBOR rates, thereby tightening liquidity, strengthening the HKD and blowing out HKD forward rates.
  • This isn't the first time we've heard of an Ant Financial IPO in HK - was floated earlier this year in January.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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