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Ant files for IPO

Ant files for IPO

Chinese fintech giant Ant Group made a $3.2 billion profit in the first half of 2020, according to paperwork filed to list its shares in Hong Kong and Shanghai.

Ant is prepping a concurrent listing on the Shanghai Stock Exchange’s Star board and The Stock Exchange of Hong Kong that could see it raise about $30 billion at a valuation in excess of $200 billion.

The filings show Ant brought in revenues of 72.5 billion yuan ($10.5 billion) in the first half of the year. This compares to revenues of 120.6 billion yuan ($17 billion) for the whole of 2019 with profits of 18 billion yuan ($2.5 billion).

Alipay still accounts for much of Ant's revenues; the mobile payments app has over a billion annual active users and was used for $16 trillion in transactions last year.

Digital payments and merchant services accounted for 43% of revenues while the firm's credit platform accounted for 34.7%, its investment platform 14.1% and its insurance offering 7.4%.

Proceeds from the IPO will be used to expand cross-border payments and boost research and development, says the filing.

Comments: (1)

A Finextra member
A Finextra member 26 August, 2020, 12:35Be the first to give this comment the thumbs up 0 likes

$3.2bn profit? Personally, I prefer the Chinese approach to fintechs.