By Stella Yifan Xie
Ant Group Co. won the final sign-off needed to proceed with initial public offerings in Shanghai and Hong Kong, clearing the last regulatory hurdle for what could be the world's biggest IPO.
The China Securities Regulatory Commission on Wednesday approved Ant to sell shares on Shanghai's Star Market, less than two months after Ant filed its prospectus. Ant and its underwriters will determine the offering schedule with the Shanghai Stock Exchange, the CSRC said in a statement.
Exchanges in both cities have already approved the IPO plans, and the CSRC has also given its assent for a Hong Kong listing.
The Hangzhou-based financial-technology giant is expected to file a revised IPO prospectus in Hong Kong in the coming days after receiving feedback from the city's exchange, The Wall Street Journal has previously reported.
Ant is an affiliate of Alibaba Group Holding Ltd. and the world's most valuable startup. It could raise more than $30 billion in the two simultaneous offerings, and the IPO could give it a market valuation of between $200 billion and $300 billion, the Journal has reported.
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(END) Dow Jones Newswires