The Fintech company behind China's largest online payments platform aims to raise up to $34.4 billion through initial public offerings, making it the biggest AIPO ever and edging out Saudi Aramco's $29.4 billion AIPO last December.

Regulatory filings released Monday showed the deal would value aunt, backed by billionaire Jack Ma at more than $313 billion.

Though it's looming, market debut has been clouded by growing regulatory scrutiny of its lucrative consumer credit business as well as a U S State Department proposal toe add the Fintech Group to a trade blacklist.

Investors, however, have largely shrugged off those concerns as they bet on continued rapid growth of a group that also operates China's biggest mobile payment system.