Jack Ma's Ant Group files for IPO in Hong Kong and Shanghai
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Jack Ma's Ant Group filed for an initial public offering in Hong Kong and Shanghai to bankroll its expansion in financial services and bolster its lead as China's largest online payments platform. The firm will issue no less than 10% in new shares of its total capital, according to its filing with the Shanghai exchange. Ant generated 72.5 billion yuan in revenue in the first half, after full-year sales of 120.6 billion yuan in 2019.