(Yicai Global) Aug. 24 -- Ant Group, the Chinese fintech giant that is also the world’s biggest unicorn, may file for an initial public offering on Shanghai’s Star Market as early as this week, and could also issue shares in Hong Kong by November, according to industry insiders.

The Hangzhou-based operator of China’s largest mobile payments platform Alipay announced plans on July 20 to list on the Nasdaq-like Star Marketand theHong Kong Stock Exchange.It would use the proceeds to step up tech research and development and support the service sector's digital upgrade.

Its Star Market application should come soon, even as early as this week, a source told Yicai Global, adding that “the regulator is expected to review it fast."

With a valuation of USD155.6 billion after the last financing round in June 2018, the Alibaba affiliate is set to become the most valuable company traded on the Star Market since the science and technology innovation board opened for business in June 2019.

“There are moving factors regarding when it will go public [in Hong Kong], with the end of October or early November being two possible options,” Wang Jiyue, a former senior brokerage professional, told Yicai Global.

Hong Kong Exchanges and Clearing, which operates the Hong Kong bourse, as well as the Securities and Futures Commission will need to conduct auditing work after Ant gets the go-ahead from the China Securities Regulatory Commission for an initial public offering, the insider said.Ant has received guidance to go public on the Star Market, China’s securities regulator said in a statement on Aug. 14.

Ant made CNY9.2 billion (USD1.3 billion) in the fiscal first quarter ended June, based on Alibaba Group Holding's earnings report and the pair's profit-sharing agreement.

Alibaba's affiliates and employees own 50.5 percent of Ant, though the parent company's direct ownership is just 33 percent, according to Ant's filing on Aug. 14.

Editor: Emmi Laine