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

Published 10/19/2020, 08:10 AM
Updated 10/19/2020, 08:45 AM
© Reuters. FILE PHOTO: Alipay logo is pictured at the Shanghai office of Alipay, owned by Ant Group which is an affiliate of Chinese e-commerce giant Alibaba, in Shanghai

By Julie Zhu

HONG KONG (Reuters) - China's Ant Group Co Ltd [IPO-ANTG.HK] has won approval from the Hong Kong stock exchange for the offshore leg of its IPO, two sources said, clearing the last key regulatory hurdle to launch its dual-listing expected to be worth about $35 billion.

Backed by Chinese e-commerce giant Alibaba (NYSE:BABA) Group Holding Ltd, Ant passed the hearing with the exchange's Listing Committee on Monday, the sources said, speaking on condition of anonymity because the information is not public.

The company plans to list simultaneously in Hong Kong and on Shanghai's STAR Market in the coming weeks, sources said, in what could be the world's largest IPO, surpassing the record set by oil giant Saudi Aramco (SE:2222)'s $29.4 billion float last December.

Ant and the Hong Kong Stock Exchange did not immediately respond to requests for comment.

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

© Reuters. FILE PHOTO: Alipay logo is pictured at the Shanghai office of Alipay, owned by Ant Group which is an affiliate of Chinese e-commerce giant Alibaba, in 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.

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