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.