BABA-SW (09988.HK), a major shareholder of Ant Group, told Goldman Sachs and Bank of America that they should drop out from Ant Group's planned IPO in Hong Kong and Shanghai, as the two global banks had done deals for its competitors, Bloomberg citing insiders.
Chinese firms tend to be much more cautious than their counterparts in the U.S. or Europe when it comes to non-compete commitments, said the report.
Source: AAstocks
This would likely be the biggest IPO for 2020/2021 and Goldman/BoA might not have the opportunity to be the bookmakers. This may be good news for either JP Morgan, Morgan Stanley and some of the European banks like Credit Suisse and UBS to get a piece of this cake.
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