(Yicai Global) Aug. 21 -- Ant Group, the fintech arm of e-commerce giant Alibaba Group Holding, has submitted its application for an offshore initial public offering in what could be the world’s largest-ever listing, China’s securities regulator said today.

The application to the China Securities Regulatory Commission would most likely be for permission to list on the Hong Kong Stock Exchange. The CSRS did not go into any further details.

Hangzhou-based Ant had said on July 20 that it was seeking a dual listing in Hong Kong and on the Shanghai Stock Exchange’s Nasdaq-style Star Market.

Ant is planning to file in Shanghai and Hong Kong in the next few weeks and is targeting a valuation of USD225 billion, Bloomberg reported today, citing people familiar with the matter.

“It is just a matter of time,” Charles Li, executive director and chief executive of Hong Kong Exchanges and Clearing, said earlier.

Investment banks China International Capital Corp and CSC Financial will underwrite Ant Group's mainland listing, the CSRC's Zhejiang branch said on Aug. 14.

Ant Group operates China’s largest mobile payment platform AliPay. Shareholders include Hangzhou Alibaba Network Technology with 33 percent equity, Hangzhou Junhan Equity Investment Partnership with a 29.86 percent stake and Hangzhou Junao Equity Investment Partnership with 20.66 percent.

Editor: Kim Taylor