China's Ant wins Hong Kong nod for $35 billion dual listing

China's Ant wins Hong Kong nod for $35 billion dual listing”

China's Ant Group IPO has received approval from the Chinese securities regulator for the Hong Kong leg of its about $35 billion dual-listing, a person with knowledge of the matter said on Monday.

Representatives of the online finance platform controlled by Alibaba Group Holding founder Jack Ma are set to meet with the listing committee of the Stock Exchange of Hong Kong later on Monday, according to three people familiar with the IPO preparations.

If completed, the $35 billion IPO would smash Saudi Aramco's $29.4 billion offering past year as the largest ever.

Ant continues to proceed towards its listing despite a series of negative headlines both domestically and overseas.

Ant won't seek cornerstone investors for Hong Kong, but will invite big backers for its Shanghai sale to mitigate price fluctuations, people familiar have said.

The Hong Kong listing hearing slipped repeatedly as the company awaited the nod from the CSRC, usually a minor step in the process for STAR listings.

Ant plans to start a brief pre-marketing period this week before opening order books next week, one of the sources said.

More news: Gov. Cuomo unveils NY coronavirus vaccine plan, prioritization phases

Ant Group's IPO cycle has been pushing ahead regardless of a report that the attempting to get the organization put on an exchange boycott called the Entity List, a move specialists said would be "largely symbolic".

Ant aims to sell 10% to 15% of its enlarged share capital during the IPO, split equally between Hong Kong and Shanghai.

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. Its shares are likely to start trading "a few days" after the November 3 USA presidential election, said the person.

The International Financing Review first reported the CSRC's approval and scheduling of the Hong Kong listing committee hearing.

After receiving initial feedback from potential investors, Ant looks to increase its offering size to $35 billion from up to $30 billion, targeting a valuation of about $250 billion or more, Reuters has reported.

In the mainland, five mutual funds raised United States dollars 9 billion from more than 10 million retail investors, with 10% of the funds earmarked for the IPO, via Ant's Alipay platform.

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