Ant Group gets Chinese nod for Hong Kong US$35bil dual-listing


Employees are seen at the reception desk of Ant Financial Services Group, Alibaba's financial affiliate, at its headquarters in Hangzhou, Zhejiang province, China. - Reuters

HONG KONG, Oct 19 (Reuters/Bloomberg): Jack Ma's Ant Group of China has received approval from the Chinese securities regulator for the Hong Kong leg of its about $35 billion dual-listing, a person with knowledge of the matter said on Monday.

The financial technology giant plans to list simultaneously in Hong Kong and on Shanghai's STAR Market, in what could be the world's largest IPO, surpassing the record set by oil giant Saudi Aramco's US$29.4 billion float last December.

It also will mark a win for the Hong Kong stock exchange that lost many of china’s tech stars to US listings.

The person declined to be named as the matter was not public yet. Ant, which is backed by Alibaba Group Holding Ltd , declined to comment.

IFR, which reported the development earlier citing unnamed people familiar with the matter, said Ant planned to seek listing approval from Hong Kong's stock exchange on Monday.

The China Securities Regulatory Commission (CSRC) is also expected to approve Ant's Shanghai Star Market IPO this week, said the IFR report.

Reuters reported last week that the CSRC was probing a potential conflict of interest in Ant's planned stock listing, delaying approval.

The regulator was looking into the role of Alipay, Ant's flagship payment platform, as the only third-party channel through which retail investors could buy into five Chinese mutual funds investing in the IPO.

Ant won’t seek cornerstone investors for Hong Kong, but will invite big backers for its Shanghai sale to mitigate price fluctuations, people familiar have said. The Hangzhou-based firm is planning to issue new stock equal to about 11% to 15% of its outstanding shares and split the float evenly between Hong Kong and Shanghai.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

100% readers found this article insightful

Next In Aseanplus News

More than half of Pattaya’s tourism workers quit
Virus busters get top honours
18 coal miners killed in gas leak accident
China plants flag on moon
SIA to prioritise space for Covid-19 vaccines
Cops threaten to cane social distancing rule violators
Second national congress of ethnic minority groups opens
1,600 refugees shipped to island
‘Fake meat may not prove a big hit in China’
22 victims in child porn cases receive compensation

Stories You'll Enjoy