Future Finance
Jack Ma’s Ant Receives Hong Kong Exchange Approval for IPO
- Ant said to seek $35 billion in Hong Kong, Shanghai sales
- China fintech giant may price shares as soon as next week
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Jack Ma’s Ant Group Co. won approval from the Hong Kong stock exchange for its initial public offering, clearing a key hurdle as the Chinese fintech giant races to complete the sale ahead of the U.S. election.
Ant received a letter from the exchange to proceed with the Hong Kong IPO, a person familiar with the matter said. The firm now needs to complete a registration with Chinese regulators for the Shanghai portion of the sale, a person familiar said. A representative for the company declined to comment. The Hong Kong stock exchange declined to comment in an emailed statement.