Record IPO for Ant Group, a subsidiary of Chinese giant Alibaba

In mainland China, the financial subsidiary of the Alibaba group is already triumphing even before its entry on the Shanghai Stock Exchange.

The price set for the introduction of Ant group is the highest in the history of the Chinese financial center.

REUTERS / Stringer

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2 min

Jack Ma rubs his hands.

In mainland China, the financial subsidiary of its Alibaba group is already triumphing even before its entry on the Shanghai Stock Exchange.

The price set for the introduction of Ant group is the highest in the history of the Chinese financial center.

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When it floated on the Riyadh Stock Exchange last December,

had managed to raise more than $ 29 billion.

Ant Group intends to do better: 35 billion dollars is the price of its listing on the Shanghai Stock Exchange.

, did not dare to hope so five years ago.

It is therefore a new stage which opens for the Chinese giant of online payments.

Ant Group claims more than 700 million monthly users of its Alipay system.

The annual volume of transactions is estimated to exceed $ 17 trillion in mainland China.

Its main competitor in the country is the Chinese internet giant Tencent, with its WeChat Pay platform.

Ant Group has been formally separated from

for a few years.

The company has entered the business of loans, wealth management, travel or a host of other services.

Its stock market listing could start a few days after the US presidential election on November 3.

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