This undated photo shows an Ant Group mascot in Hangzhou, capital of China’s Zhejiang province. (LONG WEI / FOR CHINA DAILY)

Billionaire Jack Ma’s Ant Group plans to file for dual listings in Hong Kong and Shanghai in the next few weeks, targeting a valuation of about US$225 billion, people familiar with the matter said, in an effort to pull off the world’s largest initial public offering.

The Hangzhou-based firm seeks to float its shares simultaneously on the Hong Kong stock exchange and the tech-focused Star board in Shanghai as soon as October, people familiar with the matter said

The share sales could raise about US$30 billion in total if markets are favorable, said one of the people, requesting not to be named because the matter is private. The Hangzhou-based firm seeks to float its shares simultaneously on the Hong Kong stock exchange and the tech-focused Star board in Shanghai as soon as October, the people said.

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A US$30 billion dual listing could mark the biggest debut globally, topping Saudi Aramco’s record US$29.4 billion haul, according to data compiled by Bloomberg. At a valuation of US$225 billion, Ant’s valuation would be bigger than Goldman Sachs Group Inc and Morgan Stanley combined.

Ant’s plans including details of the share sale are subject to change, the people said. A representative for Ant declined to comment.

Ant’s IPO will give another boost to Hong Kong Exchanges & Clearing Ltd, which has already seen a renaissance of mainland tech listings after it relaxed rules in the wake of losing the Chinese mainland's biggest tech firms to New York. Alibaba, which owns a third of Ant, returned with a US$13 billion secondary listing last year in Hong Kong.

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China’s effort to build its own tech bourse in Shanghai underscores the geopolitical tension with Washington. A high-powered group of US regulators said this month that stock exchanges should set new rules that could trigger the delisting of Chinese companies. Firms must grant American regulators access to their audit work papers in order to trade on a US exchange, according to the President’s Working Group on Financial Markets.