Ant Group, the parent of China's leading mobile wallet Alipay, had begun the process of launching a concurrent initial public offering on Shanghai Stock Exchange's STAR Board and the Stock Exchange of Hong Kong.

The company said the listings would help digitize the service industry in China and would help the company develop global markets with partner firms as well as expand investment in new technologies and innovation.

"The innovative measures implemented by SSE Star Market and the SEHK have opened the doors for global investors to access leading edge technology companies from the most dynamic economies in the world and for those companies to have greater access to the capital markets," Eric Jing, executive chairman of Ant Group. "We are thrilled to have the opportunity to play a part in this development."

The company said it wants to enable all consumers and small businesses to gain equal access to services that are inclusive, sustainable and green.