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Ant Group, Alibaba's financial subsidiary and the parent company of Alipay, China's largest mobile payments business, announced that it has commenced a concurrent IPO process on the Shanghai Stock Exchange's Science and Technology Innovation Board and the Hong Kong stock exchange. 

"Becoming a public company will enhance transparency to our stakeholders. Through our commitment to serving the under-served, we make it possible for the whole of society to share our growth," said Eric Jing, executive chairman of Ant Group. 

According to a statement sent by Ant Group to the Global Times on Monday, the move will help the company accelerate its goal of digitizing the service industry in China, as well as helping the company to develop in global markets. 

HKEX Chief Executive Charles Li Xiaojia said that Ant Group's IPO in Hong Kong as well as Shanghai affirms Hong Kong's role as the world's leading international IPO market. 

The Shanghai Stock Exchange also rolled out a statement saying that Ant Group's IPO demonstrates the attraction and global competitiveness of the Science and Technology Innovation Board, and shows it is the "first choice" for innovative companies in China hoping to get listed. 

Shares in Alibaba rose by 4.23 percent by 17:48 pm in premarket sales, according to data from NASDAQ.