Jack Ma’s Ant Group files IPO
In the file for IPO, it says that it made $3.2 billion in first-half profit.
In a document filed on Tuesday, An affiliate of Alibaba, Ant Group has provided the in front of its profoundly foreseen initial public offering (IPO). Alibaba founder Jack Ma is still controlling the financial technology powerhouse. According to the exchange filing, It reported of 21.9 billion Chinese yuan ($3.2 billion) profit on 72.5 billion yuan’s total revenues in the first half of the year.
Ant Group is formerly known as Ant Financial. It is trying to plan a concurrent listing on STAR market or Shanghai stock exchange, a Nasdaq-style tech board as well as the Hong Kong stock exchange. Yet, the company has not unveiled insights regarding the pricing of its shares. However, one expert recently revealed that its market valuation could be north of $200 billion, making it bigger than a portion of America’s greatest banks.
Alipay has over 900 million users that is actually a mobile payments app in China. Ant Group runs the well known Alipay mobile payments app but it offers money related items passed that, including loans to businesses, wealth management, and insurance. However, as of late, Ant has turned to concentrate on what it calls technology services — money re financial technology items that it can offer to big business clients for a licensing fee.