Ant Group Co Ltd has received approval from China’s securities regulator for the Hong Kong leg of its roughly $35 billion 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 2222.SE $29.4 billion record set in December.
The firm plans to seek listing approval from Hong Kong’s stock exchange on Monday, said one of the people, who declined to be identified as the matter was not yet public.
Ant, backed by Chinese e-commerce major Alibaba Group Holding Ltd BABA.N9988.HK, declined to comment.
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 U.S. presidential election.