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Ant Group Launches Trade Blockchain amid Plans for $35 Billion Dual IPO

Ant Group has launched a cross-border trading blockchain as it prepares for a dual initial public offering (IPO). The new blockchain will facilitate trading across countries.

On Friday, Ant launched “Trusple,” its new trade platform built on AntChain. According to the company, the new platform will enable small and medium-sized enterprises (SMEs) to easily sell their goods to clients in other countries.

Ant has partnered with Standard Chartered, Deutsche Bank and BNP Paribas to help the optimizations of the process.

Also, Trusple automatically sorts major payment processes. The new cross-border platform handles the order placements, tax liabilities, and more, without manual inputs. The company revealed that the automated functions will make overseas trading easier for entities who would have struggled with legacy systems.

Over its 16 years of existence, Ant Group has been expanding and has gained recognition in the cryptocurrency sector. As the People’s Bank of China (PBOC) plans to launch a digital version of the yuan, Ant is believed to be one of the primary issuing partners.

Before now, Ant announced its intention to raise a record $35 billion in its upcoming IPO. If successful, the offering will be the world’s largest IPO, surpassing Saudi Aramco’s $29.4 billion IPO last December. Shaun Rein from China Market Research Group told the BBC:

“Ant will raise around $30bn and I think [it] will be the world’s largest IPO ever, beating out Saudi Arabia’s Aramco from last year that went public just north of $29bn.”

On the 25th of August, Ant Group filed for a dual IPO in Hong Kong and Shanghai’s tech-focused STAR Market. Notably, it did not choose to list in the US in the middle of the ongoing tension between the U.S. and Chinese governments.

Speaking to the BBC, the investment director at RE Lee Capital, Bao Vu, commented on Ant’s upcoming IPO:

“If the listing is successful, it would pave the way for other technology firms to list outside the US, which is the only real alternative at the moment.”

A director at financial services company Kapronasia, Zennon Kapron, said that the funds raised will help Ant to expand internationally.

According to Ant Group, the dual listing would allow the company to fund domestic and global expansion. In addition, the company plans to use a part of the raised funds to invest more in innovation and the technology sector.

Formerly known as Ant Financial, the company changed its name this year to rebrand and present itself as a tech firm.

Back in 2018, Ant was valued at $150 billion during its Series C round. Now, analysts at JPMorgan and Bank of America value the company at over $200 billion.

At the time of the filing, Ant chose China International Capital Corp. (CICC) JPMorgan, Morgan Stanley, and Citigroup as advisers on the Hong Kong listing. Also, CICC and CSC Financial CO. would serve as the underwriters at the offering.

The launched blockchain could pump the forthcoming Ant IPO, making the company more attractive to prospective investors.

Ant Group Launches Trade Blockchain amid Plans for $35 Billion Dual IPO

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