MoFo News Item

MoFo Represents Alibaba Group Holding Limited in Ant Group’s c.US$34 Billion Dual Shanghai and Hong Kong IPOs

29 Oct 2020

Morrison & Foerster represented the independent directors of Alibaba Group Holding Limited (NYSE: BABA, “Alibaba Group”), the largest shareholder in Ant Group, in connection with Ant Group’s initial public offerings on the Science and Technology Innovation Board of the Shanghai Stock Exchange (the “STAR Market”) and on the main board of The Stock Exchange of Hong Kong Limited. It is the first simultaneous listing in Hong Kong and the year-old Shanghai STAR Market. 

Formerly known as Ant Financial, Ant Group operates Alipay, the online payment platform for the world’s largest e-commerce company. Ant Group is set to raise c.US$34 billion through the concurrent IPOs, making it the largest IPO on record and valuing the company at more than US$310 billion.

Morrison & Foerster previously advised the independent directors of Alibaba Group in Alibaba's receiving of a 33% equity interest in Ant Group, a transaction that closed in September 2019.

The MoFo team advising the independent directors of Alibaba was led by Tokyo managing partner Ken Siegel and Marcia Ellis, Hong Kong partner and global chair of the firm’s Private Equity Group. Key members of the corporate team included Hong Kong partner Vivian Yiu, Tokyo partner Seth Graham, Hong Kong of counsel Catherine Liu, Hong Kong associates Mark Hu and Ian Tam, as well as Boston associate Leo Martin.

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