Chinese fintech giant Ant Group has just obtained approval from the Shanghai Stock Exchange (SSE) for its initial public offering (IPO).
The SSE announced on 18 September that following review it had approved Ant Group’s application for listing on its NASDAQ-style STAR Market board.
Ant Group plans a dual listing in both Shanghai and Hong Kong, after submitting its listing prospectus to the SSE and its A1 Application Proof to the Hong Kong Stock Exchange (HKSE) on 25 August.
Ant Group has also lifted its funding target to USD$35 billion based on an increased valuation of $250 billion as compared to $225 billion previously, according to sources speaking to Bloomberg.
This fund-raising sum would make Ant Group’s IPO the biggest on record, ahead of Saudi Aramco’s previous $29 billion listing.
Ant Group posted full year operating revenues of 120.6 billion yuan in 2019, and net profits of 18.07 billion yuan.
For the first half of 2020 Ant Group’s operating revenues were 72.5 billion yuan, of which digital fintech services accounted for over 60%.