Alibaba is set to retain a 32% stake in its financial services spinoff, which has secured regulatory permission for a dual listing that could value it at more than $250bn.
Ant Group, the China-based financial services provider spun off by e-commerce group Alibaba, has received regulatory clearance for the Shanghai branch of its initial public offering, Reuters reported yesterday.
The approval comes after China’s Securities Regulatory Commission granted clearance for a Hong Kong offering earlier this week. The company is planning a dual listing spanning both markets and could reportedly seek $35bn in proceeds at a $250bn valuation.
Formed as Ant Financial, the financial services arm of Alibaba, Ant has…
