A Thursday report mentioned Alibaba fintech is acquiring funds up to $35 billion through a joint listing in Hong Kong and Shanghai, leading to the biggest IPO witnessed in history.

The share sale will be a sign of Ant Group’s confidence, without approaching cornerstone investors or large entities to hold the stock for a longer duration to provide confidence and stability in new listings.

The amount raised would exceed $29 billion chalked up by Saudi Aramco in December, valuing Ant Group at nearly $250 billion.

The company runs Alipay, which is among the two major online payment systems in China, where online payment apps and gadgets have long shadowed the conventional cash, cheques and credit cards.

With approval by the Shanghai Stock for a previous listing week, the Hangzhou-based firm focuses on a listing hearing soon as next week with Hong Kong Stock exchange, and an October debut.

The IPO capacity involves enormous funding and a major cash shift to cities. The Hong Kong Monetary Authority has been compelled to intervene multiple times in currency markets to weaken the local currency and maintain its peg to the US dollar.

Ant refused to comment, although it mentioned proceeding in expanding cross-border payments and upgrading its research-and-development prospects. The decision not to list in New York is a massive loss for US markets and comes as Washington ramps up scrutiny of Chinese tech firms.

The US plans stricter impositions on firms listed in the country to open up their audit papers to US accountants, which possibly might force out Chinese companies, further directing them towards Hong Kong or Shanghai. An estimated $7billion was raised by NetEase between them in separate listings in Hong Kong during June.

During the current week, Chinese courier service giant ZTO Express raised $1.27 billion in a second listing in the city. Its shares are also traded in New York.

The chances of the fallout of Beijing’s imposition of an updated security law regarding city bans on subversion and foreign interference spark fears with the spate of IPOs also being a shot in the arm for Hong Kong.