Ant IPO pricing was determined on Friday, says Alibaba founder Jack Ma

Pricing for Chinese fintech giant Ant Group’s giant dual-listing was determined on Friday night, Alibaba founder Jack Ma said on Saturday.

It is the first time pricing of the initial public offering, which sources have said could be a world record $35 billion, has been determined outside New York, he told the Bund Summit in the eastern financial hub of Shanghai.

Backed by Chinese e-commerce giant Alibaba, Ant plans to list simultaneously in Hong Kong and on Shanghai’s STAR Market in the coming weeks.

The listing could be the world’s largest initial public offering, surpassing the record set by Saudi Aramco’s $29.4 billion float last December. The IPO would also be the first simultaneous listing in Hong Kong and on the year-old STAR Market in Shanghai.

Ant was set to conduct price consultations for the Shanghai offering on Oct. 23 and will set the price on Oct. 26, according to its updated prospectus filed with the local exchange.

For the Hong Kong leg, Ant plans to open order books next week. Its shares are likely to start trading a few days after the Nov. 3 U.S. presidential election, sources have said.

Ma said the global financial system is outdated, adding that current regulations were slowing down innovation. He called for setting up a new, inclusive and universal financial system that benefits small companies and individuals and drive future growth.

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