China's Ant takes another step towards $35 billion IPO with registration move

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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 $35 billion.

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 $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 company is seeking to raise about $35 billion in the IPO after assessing early investor interest and based on a higher valuation of about $250 billion or more, two sources with direct knowledge of the matter told Reuters.

 

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