Jack Ma, the founder of Alibaba, might see a $27 billion rise in fortune with the Ant Group’s record IPO, according to Forbes.
The American business magazine also claimed that the IPO will create 18 new billionaires with the pricing announced by the company. Ant Group is expecting a dual listing in Hong Kong and Shanghai, according to Businessner.
Jack Ma can expect his fortune to reach $68 billion after the event. With a humble beginning as an English teacher in China, he will become the 12th richest in the world, according to the Forbes Billionaire list.
The current list is showing Jack Ma behind the Google Cofounder Sergey Brin. The top place, however, has been occupied by the e-commerce giant Amazon CEO Jeff Bezos.
The record-breaking Ant Group IPO is showing the world how China is interested to catch the fast-growing online financial sector in the world.
The authority in China has an interest to boost the technology, finance, and capital market sectors to reduce the gap with the United States. The country has been already in a war with the U.S due to trade tariffs in 2018.
The Coronavirus pandemic in 2020, however, reduced all the trade-related tensions between the two nations.
Some reports are showing that China is supporting its entrepreneurs like Jack Ma to lift the country’s position in the global arena. According to Forbes, China holds the most billionaires after the United States.
The Ant Group IPO will add more billionaires to the Chinese list helping the country to compete with the U.S. The Chinese companies, on the other hand, changed their focus in the local markets in the last few years to get a higher valuation.
This gives a better grip on the performance to fight the top American companies like Amazon, Facebook, and Google.
Previously, Jack Ma announced that a record-breaking IPO of Ant Group will take place very soon. In the previous announcements, the actual calculation was missing, however, recent calculations show that Jack will gain a substantial fortune to become the richest person in China.