Fintech Ant Group (NYSE:BABA) has won its approval from the China Securities Regulatory Commission for a Hong Kong listing, Bloomberg reports – a key green light for what could be the world’s biggest initial public offering.
That means Jack Ma’s Ant can seek a listing hearing with Hong Kong Exchanges and Clearing as soon as Monday (it’s currently 10:11 a.m. on Monday in Hong Kong); it’s already won approval for its onshore listing.
The approval relieves some tension that its late coming meant hurdles for the IPO. On Friday, the news service reported that Ant could raise about $35B in its dual listing, a valuation of at least $280B.
The company is planning to issue new stock equal to about 11-15% of outstanding shares, and split the float evenly between Shanghai and Hong Kong.