Chinese fintech company Ant Group has set the price for its initial public offering at $34.4 billion on the Hong Kong and Shanghai stock exchanges, marking the world's largest ever stock market flotation. Ant Group, which is backed by Jack Ma – the 56-year-old billionaire founder of eCommerce giant Alibaba – set its share price on Monday. It soundly passed the previous record for the largest stock market debut, held by Saudi Aramco, which floated at $29.4 billion in December 2019. Due to Jack Ma's stake in the company, Bloomberg estimates that the stock sale will push his personal net worth past $71.1 billion, making him the 11 th wealthiest person alive. The bulk of Ant Group's worth comes from its ownership of Alipay, which is the dominant online payment system in China. According to a recent annual report, Alipay has 1.3 billion users, most of whom are Chinese, with the remainder coming from other Asian nations.