Billionaire Jack Ma’s Ant Group warned that rising U.S.-China trade tensions threaten its business as it gears up for an initial public offering that could give it a valuation as big as Bank of America Corp.

The Chinese e-commerce and fintech giant highlighted the geopolitical tensions in its filings for a dual IPO in Hong Kong and Shanghai late Tuesday, citing possible U.S. export controls and trade sanctions as key expansion risks.

Unlike Chinese tech firms such as Ma’s Alibaba Group Holding Ltd., Ant decided against listing in the U.S. amid increased scrutiny by the Trump administration of Chinese companies, and warnings to U.S. endowment funds to offload their stakes in U.S.-listed Chinese businesses.