HONG KONG • Ant Group, the online payment provider backed by Alibaba Group, filed the prospectus for its initial public offering (IPO) on Tuesday, unveiling some of the people who stand to win big from the listing.

The obvious one is Mr Jack Ma, whose stake in Ant will be worth US$25 billion (S$34 billion) if it achieves the US$225 billion valuation people familiar with the matter have said it is targeting.

That could catapult him to among the world's 10 richest people.

Ant chairman Eric Jing's fortune will swell to US$2.9 billion, and another 17 current and former Alibaba and Ant executives will join the ranks of billionaires, based on the ownership structure described in the prospectus.

An Ant representative declined to comment on the calculations.

Most of the billionaires, whose combined stake is valued at US$57.9 billion, are part of the Alibaba Partnership, an elite 36-person group set up a decade ago to encourage collaboration within the e-commerce giant, override bureaucracy and, crucially, determine the annual cash bonuses for all members of management.

It now comprises Alibaba and Ant management members.

The 19 winners own their stake through entities known as Hangzhou Junao Equity Investment Partnership and Hangzhou Junhan Equity Investment Partnership, two limited partnerships registered in Hangzhou that together hold about half of Ant.

Alibaba itself is the largest holder of the financial services firm, with a 33 per cent stake.

The remaining portion belongs to 29 other shareholders, including those that have invested in Ant over the years.

Mr Ma is the ultimate controller of the group, according to the prospectus.

With a 30 per cent holding in Ant, Junhan's stake is valued at US$67.2 billion, while Junao's 21 per cent ownership is worth US$46.5 billion.

Mr Ma, Mr Jing, Ant chief executive Simon Hu and non-executive director Jiang Fang own shares in the two entities through a general partnership vehicle called Hangzhou Yunbo Investment Consultancy.

The limited partnership structure allows the general partner - in this case, Yunbo, which Mr Ma controls - to exercise the entire voting power, regardless of the number of limited partners, according to Mr Stephen Chan, a partner at Dechert, an international law firm in Hong Kong that specialises in corporate finance.

Mr Ma, however, has pledged to donate the economic interests of 611 million underlying Ant shares to charitable organisations and will lower his ownership to no more than 8.8 per cent.

"Share-based incentives are fairly common for tech companies," Dechert's Mr Chan said.

"Equity could be used instead of cash to incentivise and attract the necessary talent."

BLOOMBERG