Ant Group submits documents for Shanghai IPO

Ant Group has submitted documents to the securities regulator in Shanghai for its initial public offering, the city's bourse said on Tuesday.

This marks the latest development since the Shanghai Stock Exchange last week approved the listing plan, which some expect to be the world's largest IPO.

It took less than a month for the company to be granted IPO application, pass inquiry, get approval and file documents.

The financial technology firm plans to list simultaneously on Shanghai's Nasdaq-style STAR Market and in Hong Kong.

The company said revenue was 72.5 billion yuan ($10.5 billion) in the first half of the year, up nearly 40 percent compared with the same period in 2019. Profit rose nearly 12 times to 21.9 billion yuan in the same period.