Ant group gets Hong Kong approval for dual listing

The move comes one month after Ant won approval from the Shanghai Stock Exchange for the domestic leg of the dual listing

China’s Ant Group has won approval from the Hong Kong stock exchange for the Hong Kong leg of its dual listing in Hong Kong and on Shanghai's STAR Market.

The fintech giant, which is 33 per cent owned by Alibaba and controlled by Jack Ma, is looking to raise about $35bn (£26bn, €29bn) from the listing.

This would make it the world’s largest initial public offering (IPO), overtaking Saudi Aramco's $29.4bn record set in December 2019.

Ant passed the hearing with the exchange's Listing Committee today.

The move comes one month after Ant won approval from the Shanghai Stock Exchange for the domestic leg of the dual listing.

It also said the China Securities Regulatory Commission (CSRC) is set to approve Ant’s Star Market IPO this week.

The Hong Kong meeting was a regularly scheduled committee hearing, during which the IPOs of several companies were discussed and approved.

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The 28-person committee contains a mix of bankers, lawyers, accountants and investors, and its approval is vital for any company looking for an IPO.

Ant originally aimed to meet Hong Kong’s bourse on September 24 and launch the IPO after the week-long Chinese National Day holiday that ended on October 8.

Ant aims to sell 10 to 15 per cent of its enlarged share capital in the IPO, split evenly between Hong Kong and Shanghai. 

Ant Group runs the popular Alipay mobile payments app in China which has over 700 million monthly active users. 

FURTHER READING: Ant launches blockchain trade platform ahead of IPO next month

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