The China Securities Regulatory Commission (CSRC) on Aug. 24 published the work summary report confirming that China Securities Co., Ltd. (CSC) and China International Capital Corporation Limited (CICC) finished pre-listing tutoring Alibaba’s affiliate Ant Group, which is shooting for an IPO later this year.
As shown in the report, CSC and CICC announced that “Ant Group has reached standards and basic conditions for listing.”
The third part of the report revealed Ant Group’s senior personnel who received pre-listing tutoring, including Ant Group’s executive chairman Eric Jing as the executive director, Ant Group’s CEO Simon Hu and CTO Ni Xingjun as executive directors, and Alibaba’s co-founder Joseph C. Tsai, Alibaba’s CTO Li Cheng and CPO Jane Jiang as non-executive directors.
Pandaily earlier reported that Ant Group announced it has kicked off a concurrent IPO process on the Shanghai Stock Exchange’s STAR board and the Stock Exchange of Hong Kong (SEHK) on July 20.
After the management rights change in its employee stock ownership platform, Ant Group’s completion of pre-listing tutoring is yet another step towards its goal to be listed.
With a valuation of 1 trillion yuan ($150 billion), fintech company Ant Group is reportedly aiming to raise $30 billion for its dual-listing. Bloomberg reported Ant Group is said to target a $225 billion IPO valuation.