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Ant Group receives approval from Chinese language regulators for the Hong Kong part of its blockbuster IPO

The Ant Group Co. logo and Alibaba Group Holding Ltd. logo will be displayed behind a reception desk at the company's headquarters in Hangzhou, China on Monday, September 28, 2020.

Qilai Shen | Bloomberg | Getty Images

GUANGZHOU, China – Ant Group has received approval from China's Securities Commissioner for the portion of its Hong Kong IPO that comes one step closer to being listed, CNBC has confirmed.

The financial technology giant, which is 33% owned by Alibaba and controlled by billionaire Jack Ma, is trying to list itself in a simultaneous IPO in Shanghai and Hong Kong.

The China Securities Regulatory Commission has given the green light to the Hong Kong part, a person familiar with the matter told CNBC. A hearing with the Hong Kong Stock Exchange, an integral part of the approval process, will take place on Monday, the person said.

IFR reported the news first. Ant Group declined to comment on CNBC.

The Ant Group IPO could be one of the biggest of all time. Reuters previously reported that the company plans to raise $ 35 billion. An analyst previously told CNBC that Ant's valuation could be north of $ 200 billion.

The Chinese company operates the hugely popular Alipay mobile payment app in China, which has over 700 million monthly active users. It also has various other financial products from insurance to asset management. However, a big part of the business model is selling financial technology products and generating technology service fees.

The Ant Group IPO process has moved forward despite reports that the US is trying to put the company on a trading blacklist called the Entity List. A moving expert said this was "largely symbolic".

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