Ant Group gets Chinese nod for HK leg of $35b dual-listing

Photographer: Anthony Kwan/Bloomberg

China’s Ant Group 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.

The financial technology giant plans to list simultaneously in Hong Kong and on Shanghai’s STAR Market, 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.

The person declined to be named as the matter was not public yet. Ant, which is backed by Alibaba Group Holding Ltd, declined to comment.

IFR, which reported the development earlier citing unnamed people familiar with the matter, said Ant planned to seek listing approval from Hong Kong’s stock exchange on Monday.

The China Securities Regulatory Commission (CSRC) is also expected to approve Ant’s Shanghai Star Market IPO this week, said the IFR report.

Reuters reported last week that the CSRC was probing a potential conflict of interest in Ant’s planned stock listing, delaying approval.

The regulator was looking into the role of Alipay, Ant’s flagship payment platform, as the only third-party channel through which retail investors could buy into five Chinese mutual funds investing in the IPO.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.