Reportedly, Ant Group, the fintech arm of Chinese e-commerce giant Alibaba, has finally received approval from China's top securities regulator to register for an initial public offering (IPO) that would be featured on Hong Kong Stock Exchange. Now, the company has to get approval from the Hong Kong financial authorities.

In the period from October 19 to 23, CSRC management plans to approve the IPO of Ant Group for listing on the Shanghai Stock Exchange. The company confirmed that it would be likely to set the price on October 26, 2020, after having submitted its application to the local exchange. Notably, Ant Group's activities include loans, asset management, insurance, and online banking.

During the IPO, the company expects to raise $35 billion, which will be the largest debut in the stock market. No wonder, many investors are craving now to add its stocks to their portfolios. Currently, the company has 711 million users and its net income is growing exponentially.

Previously Reuters and the Financial Times reported that CSRC admitted that there could be a possible conflict of interest in the listing of Ant Group. At the same time, five leading Chinese funds own Ant Group's securities. During the listing, private investors could purchase shares of these funds but only using the Alipay service. Importantly, this is the largest Chinese mobile payment platform owned by Ant Group. In such a situation, the rules set by the CSRC may be violated. According to the directive, a conflict of interest between distributors is unacceptable.