China based financial technology company Ant Group Co Ltd announced having received an approval from China’s securities regulator for its upcoming Hong Kong leg dual listing which is estimated to fetch around $35 billion.
The company is planning to simultaneously get listed in the Hong Kong and Shanghai stock markets. Insider sources revealed the company is now seeking approval from the Shanghai stock exchange.
This initial public offering is set to become the largest IPO in the world after breaking the record set by Saudi Aramco Co. (2222) when it went public last December raising $29 billion from the IPO.
Ant group is an affiliate of leading Chinese e-commerce giant Alibaba Group Holding (BABA). The company took a similar move of getting a secondary listing in the Hong Kong market a while back following increased trade tensions between China and United States.
This approval should have happened last month however it was delayed since China Securities Regulatory Commission (CSRC) was investigating an alleged conflict of interest in the upcoming IPO.