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Technology Stocks : Alibaba Group Holding Limited
BABA 94.87+2.6%Aug 11 4:00 PM EDT

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From: Julius Wong10/21/2020 9:19:39 AM
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Jack Ma's Ant Group gets Chinese approval for Shanghai arm of $35B IPO

The Shanghai arm of Ant Group's (NYSE: BABA) potential record dual IPO has received approval from the China Securities Regulatory Commission.

The $35B IPO, split between Hong Kong and Shanghai, would become the world's largest offering and would reportedly come with a $280B valuation, a figure that has been raised at least twice and that's triple the size of Citigroup.

With the Shanghai approval, Ant Group could move onto pricing the listing as early as next week.

The timing would put the pricing ahead of the U.S. election. The Justice Department has reportedly filed to put Ant Group on the trade blacklist.

Yesterday, Ant Group received final approval for its Hong Kong listing.

Retired Alibaba chairman Jack Ma holds the controlling stake of Ant Group, while Alibaba has a 33% non-controlling stake.

BABA shares are up 0.5% pre-market to $311.26.
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