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Finance

Investors pour money into Hong Kong ahead of Ant Group IPO

Bank liquidity hits three-year high as de facto central bank weakens currency

Ant Group is poised for a potentially record-breaking IPO in Hong Kong (above) and Shanghai as early as October.   © Reuters

HONG KONG -- Global investors are pouring money into Hong Kong ahead of Ant Group's hotly anticipated share sale, propping up the currency and inflating local dollar borrowing costs.

Traders expect the trend to accelerate as Ant, the world's most valuable fintech, marches towards what is shaping up to be the largest ever initial public offering. The share sale, which is expected to be at least $30 billion and could reach $35 billion according to some estimates, is expected early next month.

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