Ant Group, a Chinese financial technology company, is reportedly looking to raise a record-breaking $30 billion dollars in an initial public offering later this year. The current IPO fundraising record is held by Saudi Aramco, Saudi Arabia’s state oil company, which raised $29.4 billion by this January. 

That Ant Group can surpass that record is an indication of the scale and significance of a company that has become a fundamental component of China’s financial system and consumer economy. Its listing will be split between the Hong Kong Stock Exchange and the STAR Market, a year-old Shanghai-based bourse that was billed as China’s answer to the Nasdaq — a landmark moment for the exchange, and another sign of the Chinese technology sector’s decoupling from the United States.

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