Ant Group's IPO reveals how investors must pick sides

WHEN Ant Group finally goes public in Hong Kong and China in a listing that could be one of the world's largest equity offerings, many long-time investors will record substantial paper profits on their shares.

The financial technology group that spun out of Alibaba in 2011 is expected to be valued at US$200-300 billion, an amount more than most global banks.

That represents a big pay day for international investors such as Carlyle, the Canadian Pension Plan Investment Board and General Atlantic that have been backers of the company that dominates mobile payments in China with 711 million monthly users of its Alipay app.