Foreign media: Ant Group selected the Hong Kong IPO four underwriters CICC Damore in the column.

Ant Group has selected China International Capital Corporation, Citigroup, JPMorgan Chase and Morgan Stanley as its underwriters for its Hong Kong IPO, people familiar with the matter said today. The banks are currently working with Ant Group to launch shares in Hong Kong, which are expected to raise about $10bn. More advisers could join the stock offering later, the people said.

Media: Ant Group selected the Hong Kong IPO four underwriters CICC Damore in the column.

Ant Group (formerly known as “Ant Financial”) announced earlier today that it will launch a plan to list simultaneously on the Board of the Shanghai Stock Exchange and the main board of the Hong Kong Stock Exchange Limited. Ant is seeking an IPO valuation of at least $200bn, according to people familiar with the matter.

Details of the offering could change as work is still under discussion, people familiar with the matter said. Ant Group, CICC, Citigroup and JPMorgan declined to comment, while Morgan Stanley has yet to comment.

As the “jewel in the crown” of Alibaba’s vast empire, Ant Group has been accelerating into an online mall offering services ranging from loans and travel services to takeaways in an effort to win back shoppers stolen by Tencent, the report said.

Ant Group CEO Hu Xiaoming wants people to think that Alipay is not just the payment portal for the world’s largest e-commerce platform, but also a financial service provider. Today, Alipay caters to a wide range of consumer needs, from groceries to wealth management, from hotel reservations to loan applications.

Ant Made A Profit of $2bn in the fourth quarter, according to Bloomberg calculations. Today, Wall Street’s Investment Ant Group is valued at more than $200bn, making it the world’s most valuable fintech company.