In response to Jack Ma, founding father of Alibaba, the IPO worth was set on Friday

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

By Samuel Shen and Brenda Goh

SHANGHAI (Reuters) – Pricing for the huge double listing of Chinese fintech giant Ant Group was set on Friday evening. Alibaba (NYSE 🙂 Founder Jack Ma said on Saturday.

It is the first time the IPO pricing has been set outside of New York, which sources suggest could set a world record of $ 35 billion, he said at the Bund Summit in Shanghai's eastern financial center.

With the support of the Chinese e-commerce giant Alibaba, Ant plans to be listed in Hong Kong and on the STAR market in Shanghai at the same time in the coming weeks.

The listing could be the world's largest initial public offering and surpass the record of Saudi Aramco (SE 🙂 s $ 29.4 billion float last December. The IPO would also be the first simultaneous listing in Hong Kong and on the one-year STAR market in Shanghai.

Ant is scheduled to conduct pricing consultations for the offering in Shanghai on October 23rd and will set the price on October 26th in accordance with the updated prospectus filed with the local exchange.

For the Hong Kong leg, Ant plans to open order books next week. The shares are expected to open a few days after the November 3rd US presidential election.

Ma said the global financial system is out of date, adding that current regulations are holding back innovation. He called for the establishment of a new, inclusive and universal financial system that would benefit small businesses and individuals and drive future growth.

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