Ant Will Have an Elephant-Sized Coming Out Party

The landmark initial public offering of Jack Ma's Ant Group has been a long time coming. Bankers have been licking their lips in anticipation of this financial giant’s arrival for at least three years. The wait will have been frustrating for the company and its backer Alibaba Group Holding Ltd. The timing of what could be the world’s largest IPO now looks fortuitous for China, though.

With one swoop, the dual listing of this $200 billion payments behemoth will invigorate Shanghai's technology-focused Star board, which celebrates its one-year anniversary Wednesday, and provide some welcome market buzz for Hong Kong after China's imposition of national security legislation this month rattled some investors. It also helps China send a message to the U.S. at a time of heightened geopolitical tensions: The country can host its own mega-IPOs without needing to turn to New York, where Alibaba listed in 2014.