Alipay's parent company becomes world's biggest IPO

Ant Group, the parent company of China's mobile payment giant Alipay, now has the world's biggest Initial Public Offering (IPO), after releasing details for its IPO on Monday. Nearly 1.7 billion shares were made public for both the Chinese mainland and its Hong Kong market, at a price of 68.8 yuan, or 80 Hong Kong dollars per share. Given the current pricing, Ant's total market value will amount to 2,100 billion yuan, or more than $300 billion. CGTN talked to Rich Turrin, a China fintech observer, for more on Ant's initial public offering.