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

Reuters

Posted at Oct 19 2020 10:53 AM

An employee stands next to the logo of Ant Financial Services Group, Alibaba's financial affiliate, at its headquarters in Hangzhou, Zhejiang province, China January 24, 2018. Shu Zhang, Reuters/File Photo

HONG KONG - China's Ant Group has received approval from the Chinese securities regulator for the Hong Kong leg of its about $35 billion dual-listing, a person with knowledge of the matter said on Monday.

The company plans to list simultaneously in Hong Kong and on Shanghai's STAR Market, in what could be the world's largest IPO, surpassing the record set by oil giant Saudi Aramco's $29.4 billion float last December.

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

IFR reported the development earlier.

More details to follow.