The Chinese financial technology firm Ant Group moved a step closer to making a dual listing as the company managed to get an approval from the Shanghai Stock Exchange for a domestic initial public offering. This as announced by the bourse said on Friday.
Analysts expect that the combined worth of the dual listings of Ant will be about $30 billion.
According to the plans of the company, which also enjoys the backing of the Chinese e-commerce giant Alibaba, it will list its initial public offering simultaneously in Hong Kong and on Shanghai's STAR Market.
According to reports quoting sources, the dual listing could be the largest IPO in the world and could take lace as early s in October this year.
According to reports quoting sources within the company, there are plans of the company to file a request for approval for listing with the Hong Kong Stock Exchange as early as next week.
Booking for its shares are planned to be opened by Ant soon after the week-long National Day holiday in China from October 1st to 7th. The company also plans to public around the end of next month, said the reports quoting sources who were unnamed and unidentified because of confidentiality constraints.
The reports however cautioned that no final decision on the timeline has been set by the company as yet.
There were no comments on the issue available from Ant. There was also no comment from the Hong Kong Stock Exchange.
Ant will be allowed to register the flotation with the securities regulator once the company passes the STAR Market listing committee’s hearing according to the local listing rules. The company then will have to wait for its registration request to be accepted. And as soon as that is accepted and communicated to the company, Ant would be able to start the pricing consultation process.
According to the disclosures made on the bourse website last week, questions raised by the Shanghai exchange over its planned IPO were addressed by the company which is controlled by Alibaba founder Jack Ma.
A number of explanations were sought from Ant by the bourse which included the exact relationship that the company currently has with Alibaba, how its business will be impacted by the regulatory changes and its comparable peers in domestic and overseas markets.
Potential investments in Ant’s IPO are being considered by Singapore state investor Temasek Holdings and sovereign wealth fund GIC Pte Ltd as well as Saudi Arabia’s sovereign fund PIF, the media had reported last week.
(Source:www.economictimes.com)
Analysts expect that the combined worth of the dual listings of Ant will be about $30 billion.
According to the plans of the company, which also enjoys the backing of the Chinese e-commerce giant Alibaba, it will list its initial public offering simultaneously in Hong Kong and on Shanghai's STAR Market.
According to reports quoting sources, the dual listing could be the largest IPO in the world and could take lace as early s in October this year.
According to reports quoting sources within the company, there are plans of the company to file a request for approval for listing with the Hong Kong Stock Exchange as early as next week.
Booking for its shares are planned to be opened by Ant soon after the week-long National Day holiday in China from October 1st to 7th. The company also plans to public around the end of next month, said the reports quoting sources who were unnamed and unidentified because of confidentiality constraints.
The reports however cautioned that no final decision on the timeline has been set by the company as yet.
There were no comments on the issue available from Ant. There was also no comment from the Hong Kong Stock Exchange.
Ant will be allowed to register the flotation with the securities regulator once the company passes the STAR Market listing committee’s hearing according to the local listing rules. The company then will have to wait for its registration request to be accepted. And as soon as that is accepted and communicated to the company, Ant would be able to start the pricing consultation process.
According to the disclosures made on the bourse website last week, questions raised by the Shanghai exchange over its planned IPO were addressed by the company which is controlled by Alibaba founder Jack Ma.
A number of explanations were sought from Ant by the bourse which included the exact relationship that the company currently has with Alibaba, how its business will be impacted by the regulatory changes and its comparable peers in domestic and overseas markets.
Potential investments in Ant’s IPO are being considered by Singapore state investor Temasek Holdings and sovereign wealth fund GIC Pte Ltd as well as Saudi Arabia’s sovereign fund PIF, the media had reported last week.
(Source:www.economictimes.com)
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