Jack Ma's Fintech Company Lures Capital More Than India's GDP

Jack Ma’s Ant Group Co. attracted at least $3 trillion of orders from individual investors for its dual listing in Hong Kong and Shanghai, enough money to buy JPMorgan Chase & Co. 10 times over. Bidding was so intense in Hong Kong that one brokerage’s platform briefly shut down after becoming overwhelmed by orders. Demand for the retail portion in Shanghai exceeded initial supply by more than 870 times. The stampede is fueling predictions of a first-day pop when Ant is due to start trading on November 5, even as sceptics warn of risks including the U.S. election, tightening regulations in China and rising Covid-19 infections worldwide. Whether Ant surges or not, the Chinese fintech behemoth’s $35 billion-plus IPO represents a major vote of confidence in a company that could end up shaping the future of global finance. It also underscores China Inc.’s ability to marshal huge amounts of capital without tapping American markets, a win for Beijing as it tries to reduce its vulnerability to the threat of US financial sanctions.