Ant Group’s decision to skip New York not a matter of why … but why Shanghai?

Domestic investors are supporting local technology companies, allowing tech giants like Ant Group to select Hong Kong and Shanghai for its IPO.

With a stock valuation ranging between $150 billion to $200 billion, Ant Group, the online payment service provider behind Alipay, is expected to be among the largest deals for 2020. But the mobile payment platform is also grabbing attention by choosing to dual list in Shanghai and Hong Kong, preferring to go public back home and skip New York.  

Capital raising outside New York reflects the increasingly hostile environment that US-listed Chinese companies are currently facing. Besides trade tariffs, Chinese technology companies worry over being denied access to American technology or software, while de-listing concerns have amplified following the Luckin Coffee scandal

The...

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