China’s Ant Group has won the final nod from the country’s top securities watchdog for the registration of its Shanghai offering, the regulator said, clearing the last regulatory hurdle for its $35 billion dual-listing.
Ant, the fintech company backed by Chinese e-commerce group Alibaba Group Holding, plans to list simultaneously in Hong Kong and Shanghai in the coming weeks, sources said.
The listing could be the world’s largest initial public offering, surpassing the record set by Saudi Aramco’s $29.4 billion float last December. The IPO would also be the first simultaneous listing in Hong Kong and on the year-old STAR Market in Shanghai.
Ant is set to conduct price consultations for the Shanghai offering on Oct 23 and will set the price on Oct 26 as per its updated prospectus. The fintech group aims to split the share offering evenly between Hong Kong and Shanghai, selling up to 1.67 billion on each exchange.
Published in The Express Tribune, October 23rd, 2020.
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