Data is indeed the new oil
as Ant Group’s IPO approaches, there are signs not only will it’s market cap exceed that of Saudi Aramco’s 2019 IPO, (then the world’s largest) but it may be worth more than US incumbent JP Morgan.
Comment: this is a particularly interesting IPO, not just because to date its been 284 times oversubscribed, but also institutional money will have a 12M to 24M lock-in. Shares will trade on both the Hong Kong and Shanghai exchanges. Lots fascinating minutiae about this IPO.
Not least of which is they are going to absolutely disrupt Western Fintech.