Jack Ma’s Ant Group Co. won a key approval from the China Securities Regulatory Commission for its listing in Hong Kong, paving the way for what could be the worlds biggest initial public offering, according to people familiar with the matter.

The Chinese regulator has given Ant a green light to seek a listing hearing with Hong Kong Exchanges and Clearing Ltd. as soon as Monday, the people said, asking not to be identified as the information is private. Ant has already won approval from the Shanghai exchange for its onshore listing.

The IFR reported the approval and hearing date earlier Monday. A representative for Ant declined to comment, while a representative for CSRC didn’t immediately respond to a request for comment.

The nod from China’s securities watchdog came later than expected, stirring speculation that Ants IPO was running into roadblocks. The company could raise about $35 billion in a dual listing in Hong Kong and Shanghai at a valuation of at least $280 billion, people have said.

Ant Groups IPO could be the biggest in the world, surpassing Saudi Aramco’s record $29 billion sale. It also will mark a win for the Hong Kong stock exchange that lost many of Chinas tech stars to U.S. listings.

Ant won’t seek cornerstone investors for Hong Kong, but will invite big backers for its Shanghai sale to mitigate price fluctuations, people familiar have said. The Hangzhou-based firm is planning to issue new stock equal to about 11% to 15% of its outstanding shares and split the float evenly between Hong Kong and Shanghai.

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