Ant has already responded to the Shanghai exchange’s questions about its ownership structure, competition in digital payments in China and overseas, customers’ privacy as well as its listing plan in Hong Kong. A one-third share in Ant Group is held by the South China Morning Post’s parent Alibaba Group Holding.

If the listing committee gives the green light to the listing application, the paperwork will pass to the China Securities Regulatory Commission (CSRC) for registration.

The company has also applied for a listing in Hong Kong, and its application is wending its way through a process laid out by the exchange’s listing division. The exchange has scheduled a meeting to vet the application later this month, another person familiar with the matter said.

If the CSRC and Hong Kong’s exchange both approve the filing, Ant can ramp up marketing its IPO in October, which could raise the company around US$30 billion. Ant will gauge demand for the stock before setting a price range for the offering. At that point, institutional and retail investors will be able to subscribe for the shares. Only thereafter will the stock trade on the two exchanges.

The dual offering could make Ant Group the poster boy for China’s plan to attract fast-growing companies to power domestic capital markets, helping its home-grown champions secure funding to support growth and compete with global rivals.

Additional reporting by Daniel Ren