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 (27.5 billion pounds).
FILE PHOTO: Alipay logo is pictured at the Shanghai office of Alipay, owned by Ant Group which is an affiliate of Chinese e-commerce giant Alibaba, following the coronavirus disease outbreak, in Shanghai, China September 22, 2020. REUTERS/Aly Song
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 ., 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 fundraising period is two weeks, and each fund, with a lock-in period of 18 months, aims to raise up to 12 billion yuan. 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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