Ant Group wins Shanghai OK for launch of giant dual IPO

[HONG KONG] China's Ant Group has received approval from the Shanghai Stock Exchange for a domestic initial public offering (IPO), the bourse said on Friday, bringing the financial technology firm closer to a dual-listing expected to be worth up to US$30 billion.

Backed by Chinese e-commerce giant Alibaba, Ant plans to list simultaneously in Hong Kong and on Shanghai's Star Market, in what sources have said could be the world's largest IPO and come as soon as October.

The company is planning to seek listing approval from the Hong Kong Stock Exchange as early as next week, said two people with direct knowledge of the matter.

Ant aims to open books after China's week-long National Day holiday on Oct 1-7 and go public around the end of next month, said the sources, who declined to be identified due to confidentiality constraints.

The timetable has not yet been finalised and is subject to change, they cautioned.

Ant and the Hong Kong Stock Exchange did not immediately respond to requests for comment.

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REUTERS