Hong Kong — Billionaire Jack Ma’s Ant Group filed for an initial public offering in Hong Kong and Shanghai to bankroll its expansion in financial services and bolster its lead as China’s largest online payments platform.

The Hangzhou-based company will issue no less than 10% in new shares of its total capital, according to its filing with the Shanghai exchange. Ant generated 72.5-billion yuan ($10.5bn) in revenue in the first half, after full-year sales of 120.6-billion yuan in 2019, it said. The firm posted a profit of 21.2-billion yuan in the first half...

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