Ant Group gets Chinese nod for Hong Kong leg of $35 billion dual-listing: source

In this news, we discuss the Ant Group gets Chinese nod for Hong Kong leg of $35 billion dual-listing: source.

HONG KONG (Reuters) – China’s Ant Group IPO-ANTG.HK has received approval from the Chinese securities regulator for the Hong Kong stretch of its roughly $ 35 billion double listing, a person said on Monday aware of the matter.

The fintech giant plans to simultaneously list in Hong Kong and Shanghai’s STAR Market, in what could be the world’s largest IPO, breaking the float record set of $ 29.4 billion. dollars from oil giant Saudi Aramco last December.

The person declined to be named because the matter was not yet public. Ant, which is backed by Alibaba Group Holding Ltd BABA.N9988.HK, declined to comment.

IFR, which reported the development earlier citing anonymous people familiar with the matter, said Ant plans to seek approval from the Hong Kong Stock Exchange on Monday.

The China Securities Regulatory Commission (CSRC) is also expected to approve Ant’s IPO this week at Shanghai Star Market, the IFR report said.

Reuters reported last week that the CSRC was investigating a potential conflict of interest in Ant’s planned list of actions, delaying approval.

The regulator was examining the role of Alipay, Ant’s flagship payments platform, as the only third-party channel through which retail investors could buy into five Chinese mutual funds investing in the IPO.

Reporting by Scott Murdoch; Written by Sumeet Chatterjee; Editing by Richard Pullin

Original © Thomson Reuters

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