SHANGHAI/HONG KONG: China's Ant Group submitted documents to the securities regulator for registration of the Shanghai portion of its IPO, the city's bourse said late on Tuesday, moving a step closer to a planned dual-listing expected to be worth about US$35 billion.
The financial technology firm, backed by China's biggest e-commerce company Alibaba Group, plans to list simultaneously on Shanghai's Nasdaq-style STAR Market and in Hong Kong, in what sources have said could be the world's largest IPO and come as soon as October.
The money managers behind the funds are China Asset Management Co , E Fund Management Co, Penghua Fund Management Co, China Universal Asset Management Co and Zhong Ou Asset Management Co. Ant said in its updated prospectus released late on Tuesday that several existing mutual fund products will also participate in its IPO share placement as strategic investors.
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