The highly awaited initial public offering of Ant Group, the significant Chinese financial technology company linked to Alibaba, has the potential to generate tens of billions of dollars through simultaneous listings on the Shanghai and Hong Kong stock exchanges.

Equity in the company, previously operating as Ant Financial, is projected to be priced at approximately HK$80, which translates to roughly 68 to 69 Chinese Yuan. The company is offering approximately 134 million shares in the Hong Kong segment of its launch, representing around $17.25 billion American dollars at a price of HK$80 per share.

Considering expectations for a comparable amount of capital raised from its Shanghai listing, the company’s IPO could potentially reach $34.5 billion. This figure would establish the offering as the largest in history, surpassing the recent Aramco IPO which secured approximately $29.4 billion.

Alibaba holds a 33% ownership position in Ant Group. Based on the anticipated share price, Ant Group’s valuation could reach as high as $310 billion, as reported by The New York Times, or $313 billion according to CNBC.

The substantial IPO of Ant Group reflects the company’s immense scale. As TechCrunch noted in July, Ant served around 1.3 billion active users annually as of March of this year, a number that may have increased in subsequent quarters. Ant’s Alipay platform is a major competitor to Tencent’s WeChat Pay within the expansive and profitable Chinese market.

The Ant Group IPO may be interpreted as an indication of evolving strength in stock markets outside of the United States. Alibaba’s initial public offering in 2014 took place on the New York Stock Exchange, with a subsequent dual-listing on the Hong Kong exchange. The decision to list Ant Group on both the Hong Kong and Shanghai indices, without a corresponding offering in New York, demonstrates the possibilities for capital acquisition beyond the U.S.

Financial technology companies, in general, have experienced increased success during 2020 as the global pandemic altered consumer habits and accelerated the shift towards digital commerce and payment systems. Furthermore, IPOs have generally performed well, suggesting favorable conditions for Ant Group’s equity when trading commences.

Ant Group has actively pursued growth beyond its core business, engaging in investments in other startups. Earlier this year, the company acquired a minority stake in installment-payment provider Klarna, for instance.

With a valuation exceeding $310 billion, Ant Group would be comparable in worth to JPMorgan Chase, currently the most valuable bank in the United States. It would also exceed the valuation of U.S.-based digital payments leader PayPal, presently valued at $236 billion, and Square, valued at $77 billion.