Ahead of an intended initial public offering (IPO), Alibaba Group Holding's Ant Group has conducted a preliminary filing with the securities watchdog of China, Reuters reported.
CSC Financial and CICC are advising the firm on a domestic listing, Reuters reported, citing a notice released on the website of the China Securities Regulatory Commission's Zhejiang Regulatory Bureau.
The news service reported that the move hints that the two Chinese investment institutions will be heading up the group’s onshore offering.
Ant Group indicated in July that it had begun the procedure for a dual listing in Shanghai on STAR Market and in Hong Kong.
The firm previously said the dual China listings back its goal to accelerate digitization of the country’s service industry and fuel domestic demand, while positioning the firm to create global markets with partners and grow investment in innovation as well as technology.
“Becoming a public company will enhance transparency to our stakeholders, including customers, business partners, employees, shareholders and regulators,” Ant Group Executive Chairman Eric Jing said in a previous announcement. “Through our commitment to serving the under-served, we make it possible for the whole of society to share our growth.”
The offering could be one of the biggest in history, The Wall Street Journal previously reported.
It was previously noted that the firm is aiming to increase its valuation to over $200 billion by selling from 5 percent to 10 percent of its shares in the offering.
Hangzhou, China-based Ant Group was rolled out in 2014 to offer international financial services. The firm runs online payment service Alipay that was introduced in 2004 and has reportedly grown into the biggest payment and lifestyle platform in the world.
Ant started talks with banks to bring back plans for an IPO in January. Those efforts had been shelved because of profitability and regulatory issues in the past. In a 2018 fundraising round, the firm was valued at $150 billion.