Fintech giant Ant Group wins approval from China’s securities regulator for jumbo IPO in Hong Kong
- The CSRC approval clears the way for the Hong Kong stock exchange to consider the Ant listing at a hearing expected to take place today
- CSRC approval shows Beijing’s commitment to Hong Kong’s role as an international financial centre, according to analysts
The Hong Kong stock exchange is expected to consider the Ant listing at a hearing later today, according to the people, who were not authorised to discuss the matter publicly.
The dual listing of the operator of China’s largest mobile payment app Alipay in both Shanghai and Hong Kong is expected to be one of the biggest offerings ever, surpassing the record set by Saudi Aramco’s US$29.4 billion IPO last year. Analysts have estimated the company could be valued at between US$230 billion and US$250 billion.
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Hong Kong’s stock exchange typically waits for the CSRC to sign off on listing applications by mainland China companies before moving an IPO request to its listing committee for review.