Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Jack Ma's Ant Group wins Shanghai OK for launch of giant dual IPO

Stock MarketsSep 18, 2020 07:10AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Employees are seen at the reception desk of Ant Financial Services Group at its headquarters in Hangzhou

By Julie Zhu

HONG KONG (Reuters) - China's Ant Group has received approval from the Shanghai Stock Exchange for a domestic initial public offering, the bourse said on Friday, bringing the financial technology firm closer to a dual-listing expected to be worth up to $30 billion.

Backed by Chinese e-commerce giant Alibaba (N:BABA), Ant plans to list simultaneously in Hong Kong and on Shanghai's STAR Market, in what sources have said could be the world's largest IPO and come as soon as October.

The company is planning to seek listing approval from the Hong Kong Stock Exchange as early as next week, said two people with direct knowledge of the matter.

Ant aims to open books after China's week-long National Day holiday on October 1-7 and go public around the end of next month, said the sources, who declined to be identified due to confidentiality constraints.

The timetable has not yet been finalised and is subject to change, they cautioned.

Ant declined to comment on the timetables of the hearing and deal launch. The Hong Kong Stock Exchange declined to comment on individual companies or listing applications.

Under local rules, once Ant passes the STAR Market listing committee's hearing, it can register the flotation with the securities regulator and wait for the registration to be accepted. It would then start the pricing consultation process.

Ant, controlled by Alibaba founder Jack Ma, had addressed questions raised by the Shanghai exchange over its planned IPO, as per disclosures on the bourse website last week.

The bourse had sought explanations about Ant's relationship with Alibaba, the impact of regulatory changes on its business, and comparable peers in domestic and overseas markets.

Reuters last week reported that Singapore state investor Temasek Holdings and sovereign wealth fund GIC Pte Ltd as well as Saudi Arabia's sovereign fund PIF were weighing potential investments in Ant's IPO.

Jack Ma's Ant Group wins Shanghai OK for launch of giant dual IPO
 

Related Articles

Tesco's UK sales growth slows in latest quarter
Tesco's UK sales growth slows in latest quarter By Reuters - Jun 18, 2021

By James Davey LONDON (Reuters) -Tesco, Britain's biggest retailer, reported a sharp slowdown in underlying UK sales growth in its first quarter, reflecting a tough comparison...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Muhamed Jaffir
Muhamed Jaffir Sep 18, 2020 6:32PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Chinsect/Ant group.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email