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World Largest IPO ever? China’s Ant wins HK nod for $35bn dual listing

21:01  19 october  2020
21:01  19 october  2020 Source:   aljazeera.com

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China ’ s Ant Group Co Ltd has won approval from the Hong Kong Stock Exchange for the offshore leg of its initial public offering ( IPO ), two sources told Reuters news agency, clearing the last key regulatory hurdle to launch a dual - listing expected to be worth about $ 35 bn .

China ' s Ant Group Co Ltd [ IPO -ANTG. HK ] has won approval from the Hong Kong stock exchange for the offshore leg of its IPO , two sources said, clearing the last key regulatory hurdle to launch its dual - listing expected to be worth about $ 35 billion.

China’s Ant Group Co Ltd has won approval from the Hong Kong Stock Exchange for the offshore leg of its initial public offering (IPO), two sources told Reuters news agency, clearing the last key regulatory hurdle to launch a dual-listing expected to be worth about $35bn.

The approval was delayed after a regulator was looking into the role of Alipay, Ant's flagship payment platform, as retail investors' only third-party channel to buy into five Chinese funds investing in the IPO [File: Aly Song/Reuters] © The approval was delayed after a regulator was looking into the role of Alipay, Ant's flagship payme... The approval was delayed after a regulator was looking into the role of Alipay, Ant's flagship payment platform, as retail investors' only third-party channel to buy into five Chinese funds investing in the IPO [File: Aly Song/Reuters]

Backed by Chinese e-commerce giant Alibaba Group Holding Ltd, Ant passed the hearing with the exchange’s Listing Committee on Monday, the sources said, speaking on condition of anonymity because the information is not public.

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HONG KONG (Reuters) - China ' s Ant Group Co Ltd [ IPO -ANTG. HK ] has won approval from the Hong Kong Stock Exchange for the offshore leg of its IPO , two sources said, clearing the last key regulatory hurdle to launch a dual - listing expected to be worth about $ 35 billion.

HONG KONG (Reuters) - China ' s Ant Group Co Ltd [ IPO -ANTG. HK ] has won approval from the Hong Kong stock exchange for the offshore leg of its IPO , two sources said, clearing the last key regulatory hurdle to launch its dual - listing expected to be worth about $ 35 billion.

The fintech company plans to list simultaneously in Hong Kong and on Shanghai’s STAR Market in the coming weeks, sources said, in what could be the world’s largest IPO, surpassing the record set by oil giant Saudi Aramco’s $29.4bn float last December.

Ant and the Hong Kong Stock Exchange declined to comment.

The move comes one month after Ant won approval from the Shanghai Stock Exchange for the domestic leg of the dual listing.

The company also looks to receive the final nod from China’s top securities regulator for its STAR IPO this week, said one of the people.

It had received final approval from the China Securities Regulatory Commission (CSRC) for the Hong Kong leg of its dual IPO, the regulator said on its website on Monday.

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China ' s Ant Group Co Ltd [ IPO -ANTG. HK ] has won approval from the Hong Kong Stock Exchange for the offshore leg of its IPO , two sources said, clearing the last key regulatory hurdle to launch a dual - listing expected to be worth about $ 35 billion.

China ' s Ant Group Co Ltd has won approval from the Hong Kong Stock Exchange for the offshore leg of its IPO , two sources said, clearing the last key regulatory hurdle to launch a dual - listing expected to be worth about $ 35 billion. Backed by Chinese e-commerce giant Alibaba Group Holding Ltd , Ant

The Hong Kong meeting was a regularly scheduled committee hearing, during which the IPOs of several companies were discussed and approved.

The 28-strong committee contains a mix of bankers, lawyers, accountants and investors, and its approval is essential for any IPO candidate.

Ant plans to start a brief premarketing period this week before opening order books next week, one of the sources said. Its shares are likely to start trading “a few days” after the November 3 United States presidential election, said the person.

After receiving initial feedback from potential investors, Ant looks to increase its offering size to $35bn from up to $30bn, targeting a valuation of about $250bn or more, Reuters news agency has reported.

Ant originally aimed to meet Hong Kong’s bourse on September 24 and launch the IPO after the week-long Chinese National Day holiday that ended on October 8, sources previously told Reuters news.

Chinese Fintech Ant drives the world's largest IPO

 Chinese Fintech Ant drives the world's largest IPO Beijing / Hong Kong (Reuters) - The Chinese Fintech Ant can initiate the world's largest IPO. © Reuters / Shu Zhang FILE PHOTO: FILE PHOTO: Employees are seen at the reception desk of Ant Financial Services Group at its headquarters in Hangzhou The Chinese Securities Commission (CSRC) gave the go-ahead for the issue on Wednesday. Ant then announced that it would price the shares on October 26th. The operator of the payment service Alipay did not mention a price range for the 3.4 billion shares

China ’ s Ant Group Co Ltd has won approval from the Hong Kong Stock Exchange for the offshore The move comes one month after Ant won approval from the Shanghai Stock Exchange for the The company also looks to receive the final nod from China ’ s top securities regulator for its STAR IPO

Ant Group has won approval from China ' s securities regulator for the Hong Kong leg of its roughly $ 35 billion dual listing , sources have told news Ant had originally aimed to meet Hong Kong 's bourse on September 24 and launch the IPO after the week-long Chinese National Day holiday that

Last week, sources said the CSRC was probing a potential conflict of interest in the planned listing, delaying approval.

The regulator was looking into the role of Alipay, Ant’s flagship payment platform, as retail investors’ only third-party channel to buy into five Chinese funds investing in the IPO.

Ant aims to sell 10 to 15 percent of its enlarged share capital in the IPO, split evenly between Hong Kong and Shanghai. It does not plan to offer a cornerstone tranche in Hong Kong in anticipation of strong demand from institutional investors.

Reuters last month reported that Singapore state investor Temasek Holdings and sovereign wealth fund GIC Private Ltd – as well as Saudi Arabia’s sovereign Public Investment Fund – were weighing potential investments in Ant’s IPO.

China’s National Council for Social Security Fund also plans to invest in the float, said sources.

The national pension fund didn’t immediately respond to a request outside of business hours in China.

Chinese brokers test top dog Goldman in record IPO year .
(Bloomberg) - Chinese brokers can look forward to a great year in IPOs. In the global ranking, they have reached the highest positions in at least two decades, to which Ant Group's multi-billion dollar debut also contributes. Leading the way is China International Capital Corp. (CICC) thanks to a plethora of Chinese transactions, an economy shaking off the pandemic, and liberalization of local capital markets. If Ant completes its IPO over the projected record volume of $ 34.5 billion , CICC wi

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