Credit Suisse Silently Invested $100M In Alibaba Subsidiary Ant Financial, Set To Benefit Immensely In Public Debut
published 27.07.2020 09:00
Photo courtesy: Credit Suisse Group AG
Price Action Credit Suisse shares closed 0.28% lower at $10.57 on Friday.
Why It Matters Credit Suisse is likely to act as a joint global coordinator for the Hong Kong Ant Financial IPO after it was reportedly left out of an initial list of sponsors, the people said.
Asset management firm Bernstein projects Ant Financial's valuation to be $210 billion, a premium of 40% over Credit Suisse's investment.
Credit Suisse Group AG (NYSE: CS) is set to reap the benefits of a secret investment it made in Alibaba Group Holding Ltd. (NYSE: BABA) subsidiary Ant Financial Services Group, as the latter goes public in Hong Kong and Shanghai, Happened The Swiss bank invested $100 million during the Chinese financial firm’s latest funding round in 2018, which brought Ant’s valuation to $150 billion, according to Bloomberg.