Alibaba Group already own shares in Ant Group. Alibaba Group said it has agreed to subscribe to 730 million Shanghai-listed A shares of Ant Group as part of the placement to strategic investors in the A share offering, the group said in a filing to the Hong Kong Stock Exchange. Alibaba Group said it holds ordinary shares of Ant Group and Class C shares of Ant International Co., a subsidiary of Ant Group, that together represent 33 percent of the equity interest in Ant Group, assuming the completion of the redemption and subscription arrangement. Alibaba Group said Ant International will redeem all Class B and Class C shares of Ant International and Ant Group will issue 3,256,446,324 H shares to holders of Class B shares and Class C shares of Ant International (including 1,158,572,686 H shares to Alibaba). Including the Hong Kong portion of the stock sale, Ant will sell a total 3.3 billion shares.

Source: The Standard October 22, 2020 08:48 UTC