Jack Ma’s fintech Ant Group is planning a massive dual-listing IPO in Shanghai and Hong Kong, skipping New York

• Ant Group, the Chinese fintech founded by billionaire Jack Ma, is planning to go public in what could be one of the largest IPOs ever.
• In a press release issued on Monday, Ant said it plans to go public via a dual-listed IPO in Shanghai and Hong Kong. The company did not say it would list shares in New York.
• The possible slight to New York comes after tensions between China and the US have increased, in part due to the fraud exposed at US-listed Luckin Coffee, and the subsequent fall in its stock that nearly wiped out shareholders.
• Ant Group operates Alipay, a popular digital payment network that was spun off from Alibaba.

Ant Group, the Chinese digital payment network that was spun off from Jack Ma’s Alibaba, is planning to go public in what could be one of the largest IPOs ever.

According to a Monday press release , Ant said it plans to go public via a concurrent listing on stock exchanges in Shanghai and Hong Kong, with no mention of a New York listing.

Ant said the planned IPO “will help the company accelerate its goal of digitizing the service industry in China and driving domestic demand, as well as position the company to develop global markets with partners and expand investment in technology and innovation.”

Ant Group operates Alipay, the world’s biggest online and mobile payments platform, and Yu’e Bao, once the world’s largest money-market fund.

One beneficiary of the Ant IPO? Jack Ma’s Alibaba , which acquired a 33% stake in the fintech company in 2019 after spinning it off years earlier. Alibaba jumped as much as 4% to $257.67 in Monday trades.

According to a report from Reuters earlier this month, Ant was targeting a valuation of over $200 billion, well above its 2018 valuation of $150 billion during its last funding round.

The Wall Street Journal, citing a person familiar with the matter, Ant is hoping to list its shares later this year.