Ant International eyes $1B raise at $10B valuation, paving way for Ant Group's HK IPO
What's the deal? Ant International, the overseas subsidiary of Alibaba-backed Ant Group, is raising roughly $1 billion in a funding round that could value it at $10 billion. Existing shareholders General Atlantic and Silver Lake are among the prospective investors, Bloomberg reported.
The round could help clear the path for Ant Group's long-stalled public listing in Hong Kong.
Ant International posted $3 billion in revenue in 2024, with 25% growth that year. It operates across 220 markets and supports more than 300 payment methods.
Why now? Ant Group's IPO saga has been one of the most dramatic in fintech history. The company was valued at $280 billion when it halted its listing in 2020 amid a regulatory crackdown by Chinese authorities. By 2023, increased R&D spending and regulatory hurdles had slashed that valuation to roughly $79 billion.
A strong funding round for its international arm signals renewed momentum — and possibly a friendlier regulatory climate for a fresh attempt at going public.
What could go wrong? Regulatory risk remains the elephant in the room. Chinese authorities torpedoed Ant Group's original IPO just days before it was set to debut, and the company has spent years restructuring to satisfy regulators. Any shift in political winds could delay or derail an IPO again.
The steep valuation drop — from $280 billion to $79 billion — also raises questions about what price public markets would assign to Ant Group today.
The signal: This move fits a broader pattern of Chinese tech giants seeking to unlock value through their international businesses. As domestic regulatory scrutiny has intensified, spinning out or separately capitalising overseas operations has become a favoured strategy.
If Ant Group does revive its Hong Kong listing, it would be one of the most closely watched IPOs in years — a bellwether for investor appetite for Chinese fintech and for Hong Kong's standing as a global financial hub.
Read more: The Standard
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