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.