HONG KONG - Hong Kong’s aggregate balance, an indicator of Hong Kong dollar liquidity, will hit an all-time high on Oct 29 as the world’s largest IPO attracts cash into the financial hub.

Chinese fintech giant Ant Group is looking to raise up to US$34.4 billion in Hong Kong and Shanghai, with the offer split between the two cities.

Strong demand in Hong Kong means Ant is set to close its books early, according to a Bloomberg report, citing sources familiar with the matter.

The aggregate balance -- the sum of balances in commercial banks’ clearing and reserve accounts maintained with the HKMA -- will increase to HK$443.257 billion on Oct 29, according to the HKMA

The Hong Kong Monetary Authority (HKMA) sold HK$25.42 billion (US$3.28 billion) into the market in Hong Kong trading hours on Tuesday, after the local currency hit the strong end of its trading band, according to data released by the HKMA.

As a result, the aggregate balance -- the sum of balances in commercial banks’ clearing and reserve accounts maintained with the HKMA -- will increase to HK$443.257 billion on Oct 29.

READ MORE: Ant IPO pushes demand for HK dollar to most on record

This would surpass the previous record of HK$424 billion set in November 2015, according to data from Refinitiv’s Eikon.

The Hong Kong dollar is pegged in a narrow range of 7.75-7.85 to the US dollar. The HKMA has been conducting sales in recent sessions to weaken the currency to keep it within that trading band.

 “Since the schedule of Ant Group’s IPO was confirmed, the market had been scrambling for HKD liquidity in the run-up to IPO. As a result, HKMA intervened strongly last week and pushed the aggregate balance up,” analysts at OCBC Wing Hang bank said in a Monday research note.

READ MORE: HKMA: Capable of maintaining monetary, financial stability

The IPO also coincides with the month end and the issuance of a government bond targeting retail investors, both of which also contributed to the demand for Hong Kong dollars.

Year to date, the HKMA has sold HK$369 billion into the market, the highest in a calendar year since 2009.