BEIJING -- China's securities regulator said Wednesday it has approved the initial public offering (IPO) registration of Ant Group, the parent company of the country's leading mobile-payment business Alipay, on the science and technology innovation board.

The company will be listed on the Shanghai Stock Exchange's sci-tech innovation board, commonly known as the STAR market, according to the China Securities Regulatory Commission.

The company and its underwriters will confirm the IPO date and publish its prospectus following discussions with the stock exchange.

The STAR market, inaugurated in June last year and designed to support companies in the high-tech and strategic emerging sectors, eases listing criteria but adopts higher requirements for information disclosure.