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Finance

Ant Group wins Hong Kong clearance for $35bn IPO plan

Jack Ma-controlled finance platform still awaits notice from China regulator

While awaiting regulatory clearance, Ant Group has added banks, including Barclays and Bank of China International, to its initial public offering team.   © Reuters

HONG KONG -- The Hong Kong stock exchange's listing committee has given the go-ahead for an initial public offering by China's Ant Group which could open for subscriptions next week and set a world record for size.

The company, which aims to raise about $35 billion in a dual listing in Hong Kong and on Shanghai's STAR Market, has yet to receive notification that its domestic IPO registration has been accepted by the China Securities and Regulatory Commission, however. Two people familiar with the transaction said they expect that notice to be issued this week.

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