A gigantic US$35bil dual listing for Ant


The Chinese financial technology firm plans to list in Hong Kong and on Shanghai’s Star Market simultaneously in what could be the world’s largest initial public offering (IPO), surpassing Saudi Aramco’s US$29.4bil record set in December,

HONG KONG: Ant Group Co Ltd has received approval from China’s securities regulator for the Hong Kong leg of its US$35bil dual listing.

The Chinese financial technology firm plans to list in Hong Kong and on Shanghai’s Star Market simultaneously in what could be the world’s largest initial public offering (IPO), surpassing Saudi Aramco’s US$29.4bil record set in December, sources told Reuters.

The firm was seeking listing approval from Hong Kong’s stock exchange, said a source.

Ant, backed by e-commerce major Alibaba Group Holding Ltd, declined to comment.

Refinitiv publication IFR reported the approval from the China Securities Regulatory Commission (CSRC) earlier yesterday. It also said the CSRC is set to approve Ant’s Star Market IPO this week.

Ant plans to start a brief pre-marketing period this week before opening order books next week, IFR reported, saying Ant’s shares are likely to start trading “a few days” after the Nov 3 US presidential election.

Ant originally aimed to meet Hong Kong’s bourse on Sept 24 and launch the IPO after the week-long Chinese National Day holiday that ended on Oct 8, sources said. — Reuters

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