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Ant wins Shanghai approval for mega IPO but takes regulatory hits

Alibaba affiliate's $30bn listing plan to face Hong Kong review next week

The STAR Market raised 21 issues with Ant Group, including seeking clarity on its relationship with Alibaba Group Holding, its ownership and the likely impact from regulatory changes.   © Reuters

HONG KONG -- Ant Group took another step on Friday in its march toward the world's largest-ever initial public offering by winning approval from the Shanghai STAR Market's listing committee, but a barrage of new regulations threaten to take some sheen off the deal.

The Alibaba Group Holding affiliate will now have to register its offering with the Chinese securities regulator. It will also appear before the listing committee of the Hong Kong Stock Exchange next week, according to people familiar with the situation.

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