Jack Ma's Ant Group wins Shanghai OK for launch of giant dual IPO

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Backed by Chinese e-commerce giant Alibaba (N:BABA), Ant plans to list simultaneously in Hong Kong and on Shanghai’s STAR Market, in what sources have said could be the world’s largest IPO and come as soon as October.

The company is planning to seek listing approval from the Hong Kong Stock Exchange as early as next week, said two people with direct knowledge of the matter.

Ant aims to open books after China’s week-long National Day holiday on October 1-7 and go public around the end of next month, said the sources, who declined to be identified due to confidentiality constraints.

The timetable has not yet been finalized and is subject to change, they cautioned.

Ant and the Hong Kong Stock Exchange did not immediately respond to requests for comment.