Ant Group wins approval from Chinese language regulators for the Hong Kong leg of its blockbuster IPO

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The Ant Group Co. brand and the Alibaba Group Holding Ltd. brand are displayed behind a reception desk on the firm’s headquarters in Hangzhou, China, on Monday, Sept. 28, 2020.

Qilai Shen | Bloomberg | Getty Pictures

GUANGZHOU, China — Ant Group has gained approval from the Chinese language securities regulator for the Hong Kong leg of its preliminary public providing (IPO), shifting it one step nearer to itemizing, CNBC has confirmed.

The monetary know-how big, which is 33% owned by Alibaba and managed by billionaire Jack Ma, is seeking to list in Shanghai and Hong Kong in a concurrent IPO.

The China Securities Regulatory Fee has given the inexperienced mild for the Hong Kong portion, an individual accustomed to the matter advised CNBC. A listening to with the Hong Kong inventory change, a key a part of the approval course of, will happen on Monday, the particular person stated.

IFR first reported the information. Ant Group declined to remark to CNBC.

Ant Group’s IPO might be one of many largest of all time. Reuters has beforehand reported that the corporate is seeking to increase $35 billion. One analyst beforehand advised CNBC that Ant’s valuation could be north of $200 billion.

The Chinese language agency runs the massively well-liked Alipay cellular funds app in China which has over 700 million month-to-month lively customers. It additionally has varied different monetary merchandise from insurance coverage to wealth administration. However a big a part of its enterprise mannequin is promoting monetary know-how merchandise and producing know-how service charges.

Ant Group’s IPO course of has been pushing forward regardless of a report that the U.S. is attempting to get the corporate placed on a commerce blacklist known as the Entity Record, a move experts said would be “largely symbolic.”