⁍ Ant Group Co Ltd is poised to raise up to $34.4 billion in the world’s largest stock market debut.

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⁍ The dual listing, a first for Shanghai’s Nasdaq-style STAR Market and Hong Kong, would value Ant at about $312 billion.

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⁍ At that valuation, Ant is worth more than Industrial and Commercial Bank of China.

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– Alibaba founder Jack Ma called it a “miracle” that the Alibaba Group’s much-anticipated initial public offering (IPO) would be taking place outside of New York City. Reuters reports that orders for shares in the Chinese e-commerce company Ant Group were oversubscribed within an hour of its Hong Kong listing Monday, making it the world’s biggest market debut since Saudi Arabian Oil Co.’s $29.4 billion listing last December. Ant Group plans to raise $34.4 billion with the IPO, which values the company at $312 billion before the “greenshoe” option for a 15% overallotment of shares is exercised, according to a filing with the Hong Kong Stock Exchange. It’s expected to start trading in Hong Kong on Nov. 5. “The fear of missing out and the lack of other opportunities of this caliber’ was spurring investor interest in the IPO,” the head of investment adviser United First Partners tells Reuters.