Ant Group Receives $ 35 Billion Chinese language Nod For Hong Kong Leg Twin Itemizing: Sources

© Reuters. The Ant Group logo is depicted in Alipay's Shanghai office, which is owned by Ant Group, a subsidiary of Chinese e-commerce giant Alibaba in Shanghai

By Scott Murdoch and Julie Zhu

HONG KONG (Reuters) – Ant Group Co Ltd received approval from China's Securities Commission on Monday for the Hong Kong leg of its roughly $ 35 billion double listing, two knowledgeable people told Reuters.

The Chinese financial technology company plans to simultaneously list in Hong Kong and on the STAR market in Shanghai in what could be the world's largest initial public offering (IPO) Saudi Aramco (SE 🙂 Record of $ 29.4 billion in December.

The company plans to seek approval for its Hong Kong listing on Monday, said one respondent who refused to be identified as the matter was not yet public.

Ant, supported by the Chinese e-commerce major Alibaba Group Holding Ltd (N 🙂 (HK :), declined to comment.

Refinitive Publication IFR on Monday reported approval from the China Securities Regulatory Commission (CSRC). The CSRC is slated to approve the IPO of Ant & # 39; s Star Market this week.

Ant plans to begin a brief pre-marketing phase this week before opening order books next week, IFR reported. Ant's shares should start trading "a few days" after the November 3rd US presidential election.

Ant originally planned to hit Hong Kong's stock exchange on September 24th and go public after the weeklong Chinese national holiday that ended October 8th, sources previously told Reuters.

Last week, sources said the CSRC had investigated a potential conflict of interest in the proposed listing and delayed approval.

The regulator looked into the role of Alipay, Ant's flagship payment platform, as the only third-party retail investor channel investing in five Chinese funds that are investing in the IPO.

Ant plans to sell 10% to 15% of its expanded share capital through the IPO, which is evenly split between Hong Kong and Shanghai. In anticipation of strong demand from institutional investors, there are no plans to offer a cornerstone tranche in Hong Kong.

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