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Ant Group, the parent company of China's largest mobile payments business Alipay and a major provider of financial services technology, announced on Monday that it has commenced the process of a concurrent initial public offering on the Shanghai Stock Exchange's STAR board ("SSE STAR" market) and The Stock Exchange of Hong Kong.

Another focus of institutional improvements is to foster a multi-level capital market covering main boards, the STAR market and the ChiNext board, among others, so as to give full play to direct financing in bolstering the real economy.

Any strikes and class boycotts will deal a further blow to the city's economy, which has already been hard-hit by the COVID-19 pandemic, the statement said.

Another leading Chinese dairy producer China Mengniu Dairy has also been making moves in the Southeast Asian markets.

Another prominent feature of the new guideline is that the free trade port will explore further liberalization of the capital account step by step and will launch a pilot qualified foreign limited partner program, and a qualified domestic limited partner program. The pilot programs will allow both foreign and domestic investors to engage in cross-border investment more freely. The island will also build a new management system for cross-border financing to encourage more efficient two-way capital flows.