Ant Group Photo:VCG

 
Ant Group, the parent company of China's leading mobile-payment business Alipay, received approval on Friday from the Shanghai Stock Exchange for its initial public offering (IPO).

The financial technology powerhouse announced on July 20 that it would commence the process of concurrent IPOs on the Shanghai Stock Exchange's sci-tech innovation board, commonly known as the STAR market, and the Stock Exchange of Hong Kong Limited.

The company filed for concurrent IPOs in Shanghai and Hong Kong on Aug. 25.

According to Ant Group's IPO prospectus, the total number of new shares issued in the company's two IPOs shall be no less than 10 percent of the total share capital of no less than 30,038.97 million shares after the issuance of A-shares and H-shares.

In the first half of the year, the group registered an operating income of 72.5 billion yuan (about 10.7 billion U.S. dollars), with income from fintech services accounting for over 60 percent of the total, according to its exchange filing.