Ant Group Picks Advisers to Move a Step Closer to Blockbuster IPO

What’s new: Ant Group, the fintech arm of Chinese e-commerce giant Alibaba Group Holding, submitted an advisory filing with China’s securities regulator for its highly anticipated blockbuster initial public offering.

CICC and CSC Financial will act as advisors on the company’s domestic listing, according to a filing published Friday on the official website of Zhejiang Regulatory Bureau of the China Securities Regulatory Commission. Shanghai-based law firm Fangda Partners and accounting firm Ernst & Young Hua Ming LLP will also participate in the advisory work.

Ant Group’s directors, senior management and shareholders with at least a 5% stake will be advised to fully understand related law and regulations on listing on Shanghai’s Nasdaq-like STAR Market and the responsibilities concerning information disclosure.

The background: With a valuation of roughly $200 billion, Ant, the parent of payment provider Alipay, is the world’s most valuable tech startup.

Ant Group has not disclosed the size or timetable of the offering. But sources with knowledge of the listing told Caixin that it is looking to raise around $30 billion in a concurrent IPO in Hong Kong and Shanghai, possibly making it the largest IPO surpassing Saudi Arabian oil giant Saudi Aramco’s $29.4 billion IPO about half a year ago.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.

Contact reporter Denise Jia (huijuanjia@caixin.com) and editor Bob Simison (bobsimison@caixin.com)

Support quality journalism in China. Subscribe to Caixin Global starting at $0.99.