Here’s what you need to know about the company and the deal. Instead, it makes money by charging those partners for crunching vast amounts of customer spending data to help assess the risks. 1.1 million watched it, Watch this flying car complete its first flight, Fact-checker calls the person who sent him a death threat. Alipay has captured a huge amount of value for Alibaba by enhancing its sales proposition, though it could have taken more from mobile payment fees for itself: around 50% of transactions are free and Alibaba transactions are heavily discounted. The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment. All times are ET. Most stock quote data provided by BATS. Rounding out the Top 5 IPOs are: Alibaba Group Holding, which raised $25 billion in 2014; Agricultural Bank of China ($22.1 billion in 2010); and Industrial and Commercial Bank of China ($21.9 billion in 2006). Given the available information, though, a Breakingviews calculator suggests a reasonable place to start is about $275 billion. Like other gargantuan tech companies, the service functions as an all-in-one platform with a host of functions — users can spend, save and invest, as well as use it like a credit or debit card. Yes! It's not clear how close Washington may be to action. Today, it’s one of the largest financial institutions in the world. Let’s start at the beginning. It is one of the largest money market funds in the world. But unlike TikTok, Ant and Alipay don't have millions of American users to lose. The other chunk, where Ant derives most of its value, is a fast-growing marketplace that matches consumers with providers of credit, insurance and wealth management services. By 2010, it had connections with over 200 banks in China and started providing payment services for online retailers outside Alibaba Group. Kwek described the banking regulator's proposal, which was published online, as an "'opinion seeking' piece." But if growth in user numbers is beginning to plateau, the revenue stream per user promises to continue rising. "Ant Group is committed to implementing the meeting opinions in depth and continuing our course based on the principles of: stable innovation; embrace of regulation; service to the real economy; and win-win cooperation.". Ant is an incredibly powerful tech company: Its payments app Alipay had 731 million monthly active users as of September, and it is used for every aspect of financial life in China, from investment accounts and micro savings products to insurance and credit scores. Ant Group was gearing up to raise just under $34.5 billion in what would have been the world's biggest initial public listing. Foreign asset managers are now rushing in to establish a foothold in a retail funds market that could grow to $3.4 trillion by 2023. Together, Ant Financial and its affiliates offer services in wealth management, credit reporting, private banking, payments, and cloud computing. Wealth management relates to Yu'e Bao (“leftover treasure”), launched in 2013 to allow even the smallest customers to invest leftover funds. The catalyst for this move was eBay announcing plans to enter the Chinese market in 2003. "It's outrageous that Wall Street is rewarding the Chinese Communist Party's blatant crackdown on Hong Kong's freedom and autonomy by orchestrating Ant Group's IPO on the Hong Kong and Shanghai stock exchanges," Rubio said in a statement to Reuters. And analysts pointed out that even if Washington bans US users from downloading and using the Alipay app, that isn't likely to dampen enthusiasm for the company's stock market debut. Clare Zhao, the general manager at Vanguard Investment Management (Shanghai) Ltd., said the company’s main work with Ant is to create a service that’s as easy to use as possible. Bernstein analyst Kevin Kwek wrote in a note on Tuesday. “We didn’t dare to think about it five years ago or even three years ago,” he said. Alibaba was China’s star in online retail, but was focused on selling goods for businesses. nodes[i].dataset.subscription : nodes[i].getAttribute('data-subscription'); if(status ==='true') {nodes[i].checked = true;}}};var nodes = document.querySelectorAll('#form1783 select[data-value]'); if (nodes) { for (var i = 0; i < nodes.length; i++) { var node = nodes[i]; var selectedValue = node.dataset ? Updated 0940 GMT (1740 HKT) October 12, 2020. Ant Financial has also created a wealth management platform, Ant Fortune, which enables users to choose between Yu'e Bao and other funds offered by rivals. But he added that is "usually a precursor to formal regulations.". The payments piece is steady, but fees collected from merchants are as little as 5 basis points. node.dataset.value : node.getAttribute('data-value'); if (selectedValue) { for (var j = 0; j < node.options.length; j++) { if(node.options[j].value === selectedValue) { node.options[j].selected = 'selected';break;}}}}}, Do Not Sell My Personal Information (CA Residents Only). Vanguard services 30 million investors globally, managing $6.2 trillion of assets as of January. Investors might nevertheless revisit their assumptions of growth given the clear signs of regulatory intervention," he added. The specter of a regulatory crackdown on Ant will be "incrementally negative" to the company's IPO, Kwek wrote. Ant may be able to hand off a lot of risk, but its investors cannot. It offers an average of 2% greater returns than traditional bank deposit interest, plus lower fees to its asset management partners. China "lacks the risk of a healthy financial system," Ma said at a conference in Shanghai. But most of Alipay's payments are in Chinese yuan, according to Johnson. Breakingviews - What is Ant really worth? Ant Group’s IPO will bypass American stock exchanges and soon begin trading in two markets: Hong Kong and Shanghai.
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