Jack Ma's Ant Group has changed beyond all recognition in the five years since it was first reported to be seeking an IPO.
Back then, the Zhejiang Ant Small & Micro Financial Services Group was a $50bn company that was disrupting China’s financial system, offering anyone with a mobile phone an easy way to pay for things and invest their savings without having to go to the bank.
Today, Ant is aiming for a valuation of $200bn to $300bn in a dual-listing in Hong Kong and Shanghai, although meetings with investors are still ongoing.
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