Ant Group, a subsidiary of Alibaba (09988-HK), initiated an A+H stock listing. Foreign news sources quoted people familiar with the matter as revealing that Goldman Sachs and Bank of America were unable to participate in Ant Group's Hong Kong IPO because they had participated in the listing of Alibaba's competitor.

According to the report, Ali told Goldman Sachs and Bank of America that if they want to cooperate with them, they should avoid doing business with competitors. Ali holds one-third of Ant Group's shares.

Ant Group's A+H listing plan will be listed simultaneously on the Hong Kong and Shanghai Science and Technology Innovation Boards. According to some reports, Ant has already selected CICC, Citibank, J.P. Morgan, and Morgan Stanley to be responsible for the Hong Kong IPO.

Goldman Sachs and Bank of America have helped Pinduoduo, JD, etc. go public. These companies are all competitors of Ali.

(Credit Network)