Ant Group has won approval from the Chinese securities regulator for the Hong Kong leg of its initial public offering (IPO), moving it one step closer to listing, CNBC has confirmed. The financial technology giant, which is 33 percent owned by Alibaba and controlled by billionaire Jack Ma, is seeking to list in Shanghai and Hong Kong in a concurrent IPO. The China Securities Regulatory Commission has given the green light for the Hong Kong portion, a person familiar with the matter told CNBC. Reuters has previously reported that the company is looking to raise US$35 billion. One analyst previously told CNBC that Ant’s valuation could be north of US$200 billion.

Source: The Standard October 19, 2020 04:52 UTC