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Alibaba’s Subsidiary, Ant Group Files For Highly-Anticipated IPO

Ant Group is filing for initial public offering (IPO) and has shown its financial information in a document on Tuesday 25th August 2020.

 

Ant Group was formerly known as Ant Financial after it had changed its original name, Alipay. It is an affiliate company of the Chinese tech giant, Alibaba Group. Up to date, Alibaba co-founder Jack Ma is in charge of affairs at Ant Group.

 

It is a fintech company that many business analysts have touted to have great financial earning potentials. Thus, when the news that it was filing for IPO broke, it made a lot of buzz in the financial and business world.

 

According to CNBC, Ant Group will be listed on Shanghai’s tech stock exchange, STAR, and also on the Hong Kong stock exchange. Filing for IPO means that the company will be offering its shares in the public stock exchange.

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However, Ant Group has not said anything about what its shares will be worth. In fact, this is the first time it is allowing a third-party to view its finances. It has made a revenue or $3.2 billion in the first half of 2020.

 

There are also claims in business circles that Ant Group has a market valuation of $200 billion. In March 2019, the Wall Street Journal reports that its Alipay platform had over 500 million users.

 

Ant Group has since its inception been raising big money funding from big-time investors. It had struggled to find solid footing in America after the US rejected its bid to acquire MoneyGram International for $880 million in 2017 due to national security concerns.

 

However, it has found it easier to penetrate European markets partnering with many fintechs in countries like; Finland, Spain, Norway, Portugal, Austria and the UK.

 

Additionally, while its main business is focusing on payment platforms, Ant Group also offers other services. It runs a credit rating system, Sesame Credit and runs a facial recognition payment technology. Also, it sells technology products and services since 2018 and has a service platform where financial institutions publish content and sell financial products.

 

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.

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