Alibaba’s financial arm Ant Financial is reportedly preparing for an initial public offering (IPO) on China’s new Nasdaq-style equity board, said state-owned media on Monday citing a delegate from the Chinese People’s Political Consultative Conference (CPPCC).

The delegate, who oversees a local equity firm backing Ant Financial, said the company is working on going public on the new Shanghai technology board, but may miss the first batch of listings. The delegate asked not to be named.

CPPCC is the country’s political advisory body and consists of delegates from a range of political parties and organizations, including corporate executives from real estate and technology sectors. Baidu’s Robin Li, Ding Lei from NetEase, and Richard Liu from JD are all members.

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Jill Shen

Jill Shen is Shanghai-based technology reporter. She covers Chinese mobility, autonomous vehicles, and electric cars. Connect with her via e-mail: jill.shen@technode.com or Twitter: @yushan_shen