Caixin
Oct 20, 2020 07:42 PM
FINANCE

Ant Group Gets Regulator’s Approval for Hong Kong IPO

What’s new: Ant Group Co. Ltd. has received the green light from the China Securities Regulatory Commission (CSRC) to list on the Hong Kong Stock Exchange, according to the regulator’s website (link in Chinese), the latest step in what is expected to be the world’s largest ever IPO.

What’s the background: In August, e-commerce tycoon Jack Ma-controlled Ant Group filed for a dual IPO on Shanghai’s Nasdaq-style STAR Market and in Hong Kong.

The company is expected to raise approximately $35 billion from the dual listing at a valuation of at least $280 billion, Bloomberg reported Monday, citing people familiar with the matter.

If all goes as planned, the listing would be a new world record, surpassing the $29.4 billion IPO of Saudi Arabian Oil Co., better known as Aramco, around the beginning of this year.

Last month, Ant Group got the green light from the Shanghai Stock Exchange for its listing on the STAR Market. It now needs a final nod from the CSRC under the new registration-based IPO system.

Quick Takes are condensed versions of China-related stories for fast news you can use.

Related: Cover Story: How Ant Grew Into an Elephant-Sized Behemoth

Contact reporter Guo Yingzhe (yingzheguo@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)

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