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The firm’s executive chairman, Eric Jing, explained that “Becoming a public company will enhance transparency to our stakeholders, including customers, business partners, employees, shareholders and regulators. Through our commitment to serving the under-served, we make it possible for the whole of society to share our growth.”
Ant is backed by Chinese e-commerce giant Alibaba, which was founded by Jack Ma, owner of 33 percent of Ant’s shares. Alibaba had one of the largest IPOs in history with a $25 billion valuation. Its market capitalization has since grown to over $831 billion.
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