Ant Group Approved By Chinese Securities Regulators For Hong Kong IPO
The financial technology giant, which is 33% owned by Alibaba and controlled by billionaire Jack Ma, plans to list in Shanghai and Hong Kong in a concurrent IPO. The China Securities Regulatory Commission has given the green light for the Hong Kong portion.
Ant Group’s IPO could be one of the biggest of all time. Reuters has previously reported that the company is looking to raise $35 billion. An analyst previously told CNBC that valuation could be more than $200 billion.
The Chinese firm runs the massively popular Alipay mobile payments app in China which has over 700 million monthly active users. It also has various other financial products , but a large part of its business model is selling financial technology products and generating technology service fees.
Ant Group’s IPO process has been pushing ahead despite a report that the U.S. is trying to get the company put on a trade blacklist called the Entity List, a move experts said would be “largely symbolic.”