Saudi Arabia’s sovereign fund PIF is weighing a potential investment in the initial public offering of Chinese financial technology firm Ant Group, which could be the world’s biggest IPO, two sources familiar with the matter said. Ant, Alibaba Group Holding ’s fintech arm and China’s dominant mobile payments firm, filed for a dual listing in Hong Kong and on Shanghai’s Nasdaq-style STAR Market last month. (Alibaba is the parent company of the South China Morning Post .) The offering size could reach as much as US$30 billion if market conditions allow, Reuters reported citing three sources. That would make it the world’s biggest IPO since oil giant Saudi Aramco raised US$29.4 billion last December, which surpassed the record set by Alibaba . Ant Group IPO set for Star Market review in Shanghai on September 18 The Public Investment Fund (PIF) was approached by Ant through its advisers to consider investing in the deal, the sources said. “They are looking at it,” said one of the sources. If the investment goes ahead, it would be the Saudi fund’s most high profile direct investment in a Chinese company. PIF declined to comment. Ant spokespersons did not immediately respond to Reuters request for comment outside Asia business hours. Ant’s initial public offering would be the first simultaneous listing in Hong Kong and the year-old STAR Market, boosting Hong Kong’s status as an international IPO market and helping enhance STAR as a capital markets centre. PIF, which has over US$300 billion in assets, has been largely pouring funds in the United States, but in June it agreed to invest US$1.49 billion in Reliance Industries’ digital unit Jio Platform . PIF’s head Yasir al-Rumayyan told CNBC last year the fund has its eye on China as it expands international investments. Since becoming a more active investor in 2015, PIF has made some bold steps to raise its profile on the global stage. It took a US$3.5 billion stake in Uber Technologies and invested US$45 billion in Softbank ’s inaugural technology fund.