I think you are referring to the Ant Group, an affiliate of Alibaba Group. You are right that Ant Financial is planning a dual-listing in Hong Kong and Shanghai stock exchange STAR board. Ant Financial is seeking a valuation of $200 billion and it is owner of Alipay, which is the payment gateway of Alibaba of China. Ant may raise up to $10 billion for 5% stake.

The valuation of $200 billion is not hard to envisage as it was valued at $150 billion in its last round of funding. However, markets may be sceptical considering that the US is forcing a lot many Chinese companies to delist from the US. As of now, Ant Financial is not considering a New York listing due to rising trade tensions with the US.