Hong Kong leg approval granted

Daniel Fowler
October 20, 2020

The China Securities Regulatory Commission has given the green light for the Hong Kong portion, an individual acquainted with the issue told CNBC.

Investor Jack Ma's Ant Group has won key approval from the China Securities Regulatory Commission (CSRC) for its listing in Hong Kong, paving the way for what could be the world's biggest initial public offering, said people familiar with the matter. Once the latter exchange signs off on the plans, Ant can begin pre-marketing its shares. Its shares are likely to start trading "a few days" after the November 3 USA presidential election, said the person.

The dual listing of Ant in both Shanghai and Hong Kong is expected to be one of the biggest offerings ever. It also will mark a win for the Hong Kong stock exchange that lost many of Chinas tech stars to USA listings. His shares are expected to start trading "days" after the USA presidential election on November 3, the person said.

Ant, controlled by Alibaba Group Holding founder Jack Ma, submitted its application with the CSRC on September 22, according to the Shanghai Stock Exchange. "If things go smoothly, we should still wrap it up this month".

Ant Group gets Chinese nod for Hong Kong leg of $35 billion dual-listing

The IFR reported the approval and hearing date earlier Monday.

The firm plans to seek listing approval from Hong Kong's stock exchange today, Refinitiv publication IFR reported citing people familiar with the matter.

The regulator was looking into the role of Alipay, Ant's flagship payment platform, as the only third-party channel through which retail investors could buy into five Chinese mutual funds investing in the IPO. The city has seen nearly 130 billion Hong Kong dollars ($16.7 billion) of inflows since Ant filed its IPO application on August 25, forcing the Hong Kong Monetary Authority to intervene multiple times to keep the local currency inside its trading band with the US dollar. Ant will not seek cornerstone investors for Hong Kong. Some brokers have offered to lend stock buyers 20 times the cash they put up, in anticipation of bumper returns for the shares on their listing. However, a very significant part of its revenue comes from selling Fintech-focused products and generating profits from technology service fees.

The Ant listing aims raise $35 billion and surpass Saudi Aramco's record-high $29.4 billion fundraising last December.

IPhone 12 has smaller battery in database listing
According to a Gadgets360 report, Anatel has recently certified the iPhone 12 Mini in the country with a 2,227mAh battery. Unfortunately, the actual battery capacity for the iPhone 12 Pro and iPhone 12 Pro Max is still unknown at the moment.

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