Technology

Approval given for Hong Kong leg

The Ant Group Co. brand and the Alibaba Team Holding Ltd. logo are displayed powering a reception desk at the firm’s headquarters in Hangzhou, China, on Monday, Sept. 28, 2020.

Qilai Shen | Bloomberg | Getty Pictures

GUANGZHOU, China — Ant Group has won approval from the Chinese securities regulator for the Hong Kong leg of its first community offering (IPO), going it a person action nearer to listing, CNBC has verified.

The economical technology large, which is 33% owned by Alibaba and managed by billionaire Jack Ma, is trying to get to list in Shanghai and Hong Kong in a concurrent IPO.

The China Securities Regulatory Commission has supplied the environmentally friendly light for the Hong Kong part, a particular person acquainted with the make a difference advised CNBC. A hearing with the Hong Kong inventory trade, a vital aspect of the acceptance procedure, will choose place on Monday, the person reported.

IFR 1st reported the information. Ant Team declined to comment to CNBC.

Ant Group’s IPO could be one particular of the biggest of all time. Reuters has formerly described that the organization is wanting to raise $35 billion. Just one analyst beforehand told CNBC that Ant’s valuation could be north of $200 billion.

The Chinese agency runs the massively well-known Alipay cell payments application in China which has around 700 million month-to-month lively buyers. It also has numerous other money products and solutions from insurance plan to wealth management. But a large component of its enterprise model is advertising monetary technology goods and building technological know-how support charges.

Ant Group’s IPO system has been pushing in advance in spite of a report that the U.S. is attempting to get the firm place on a trade blacklist named the Entity Listing, a shift specialists mentioned would be “mainly symbolic.”

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