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Finance

Ant Group clears last hurdle for IPO said to target $35bn

China securities watchdog's blessing paves way for launch as early as Tuesday

The Shanghai office of Alipay, the mobile and online payment platform owned by Ant Group.   © Reuters

HONG KONG -- Ant Group has secured the final regulatory approval to launch what is shaping up to be the world's largest initial public offering as early as next week.

The China Securities Regulatory Commission in a statement on its official Weibo social media account said it has approved the Shanghai leg of the IPO. The company, which is controlled by billionaire Jack Ma, already received the Hong Kong stock exchange's approval on Monday and can now open the dual listing for subscription. The IPO could raise about $35 billion, people familiar with the matter have said.

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