Shanghai gives go ahead for Ant Group IPO, backed by Alibaba

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 declined to comment on the timetables of the hearing and deal launch. The Hong Kong Stock Exchange declined to comment on individual companies or listing applications. Ant, controlled by Alibaba founder Jack Ma, had addressed questions raised by the Shanghai exchange over its planned IPO, as per disclosures on the bourse website last week.

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