CHINA’S ANT WINS HK NOD FOR $35B DUAL LISTING
China’s Ant Group has won approval from the Hong Kong stock exchange for the offshore leg of its IPO, two sources said, clearing the last key regulatory hurdle to launch a dual-listing expected to be worth about $35 billion, Julie Zhu and Scott Murdoch reported for Reuters.
Backed by Chinese e-commerce giant Alibaba Group, Ant passed the hearing with the exchange's Listing Committee, the sources said, speaking on condition of anonymity because the information is not public.
The fintech company plans to list simultaneously in Hong Kong and on Shanghai’s STAR Market in the coming weeks, sources said, 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.
Ant and the Hong Kong Stock Exchange declined to comment.
The move comes one month after Ant won approval from the Shanghai Stock Exchange for the domestic leg of the dual listing. The company also looks to receive the final nod from China’s top securities regulator for its STAR IPO this week, said one of the people. The Hong Kong meeting was a regularly scheduled hearing of the 28-member committee, during which the IPOs of several companies were discussed and approved.