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Guangzhou, China – Ant Group has received approval from the Chinese securities regulator for the Hong Kong leg of its initial public offering (IPO), taking it one step closer to listing, CNBC has confirmed.
The financial technology giant, which owns 33% of Alibaba and is controlled by billionaire Jack Ma, wants to list in concurrent IPOs in Shanghai and Hong Kong.
The Securities Regulatory Commission of China has given the green light for Hong Kong’s share, a person familiar with the matter told CNBC. The person said the hearing would take place on Monday, an important part of the approval process with the Hong Kong Stock Exchange.
The IFR was the first to report. The ant group declined to comment on CNBC.
Ant Group’s IPO may be the largest group ever. Reuters has previously reported that the company is raising $ 35 billion. An analyst previously told CNBC that Ant’s valuation could exceed $ 200 billion.
The Chinese firm runs the massively popular Alipay mobile payment app in China with more than 700 million monthly active users. It also has many other financial products from insurance to wealth management. But a large part of its business model is selling financial technology products and generating technology service fees.
The Ant Group’s IPO process is moving forward despite a report that the US is trying to put the company on a business blacklist called the entity list, a move experts said would be “largely symbolic.”