China’s Ant Group wins green light in Hong Kong for one of the world’s largest initial public offerings
- After winning clearance in mainland China and in Hong Kong, Ant will now ramp up marketing of its Hong Kong shares to investors
- Ant’s IPO comes as Hong Kong faces mounting competition from Shenzhen and Shanghai
Regulators in mainland China and Hong Kong have cleared Ant Group’s plans for a blockbuster initial public offering in Hong Kong, kicking off a busy few months of capital raising in the city, according to people familiar with the situation.
Hangzhou, China-headquartered Ant will now ramp up the marketing of its shares to global investors, culminating in what is likely to be the world’s largest stock market debut. Ant and Hong Kong’s stock exchange declined to comment on the status of the application.
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Ant Group poised to be world’s biggest private firm making public debut, with Hong Kong-Shanghai IPO
Co-hosting such a jumbo IPO with Shanghai helps Hong Kong keep pace with the swift development of financial hubs in mainland China. Beijing is steadily opening its domestic financial markets to foreign investors and nurturing neighbouring Shenzhen as a technology and financial hub.
“The CSRC approval of Ant’s IPO in Hong Kong indicates Beijing’s commitment to keep the city’s role as an international fundraising hub for Chinese companies,” said Clement Chan, managing director of accounting firm BDO, who has helped hundreds of mainland firms list in Hong Kong.
