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Briefing Jul 30, 2020 09:30 pm EqualOcean

Over 85% of Alipay-Registered Businesses Recover in Q2 2020

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Jul 31, 2020 07:20 pm ·

Ant Group Faces People's Bank Audit – Not Long after Announcement of IPO Plan

Only nine days after Ant Group announced that it is planning a double-IPO in Hong Kong and Shanghai, the People's Bank of China, the country's central bank, said that an investigation of online collaborative consumer credit platforms will be undertaken. The Alibaba-affiliated digital giant thereby needs to provide the bank with key statistics, such as month-end consumer credit balance, credit interest rate and credit default rate.   As China's biggest online credit provider, Ant Group possesses more than half of the country's online credits with CNY 1 trillion. The firm has several revenue streams. After the restriction for high leverage was set in 2017, Ant's consumer credit platforms Huabei (Chinese: 花呗), and Jiebei (Chinese: 借呗), manage to cooperate with financial firms such as banks and trust companies by introducing potential customers to them. Besides, Ant Group has numerous off-balance-sheet loans granted collaboratively with other financial firms. Whether the coming investigation signals more regulation for risk management and capital adequacy in the finance industry is hard to determine.  Some believe that possible future regulations may hinder Ant's growth, decreasing the company's profit, while 'positive-minded' investors think that the investigation is designed only for collecting data, rather than drafting rules. The latest financial report of Alibaba shows that half of Ant's revenue comes from wealth management, insurance and credit services. However, Xiaoming Hu, the company's CEO, said that technological services – AI, blockchain and risk management – will contribute 80% of Ant's revenue in the next five years. In other words, no matter what regulations may be set for issuing credit, Ant Group is likely to gradually rely less on financial services. 

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Jul 20, 2020 05:25 pm ·

Alibaba's Ant Group Seeks Dual Listing on Hong Kong and Shanghai Bourses

Ant Group (formerly Ant Financial) has announced that it plans a dual listing on the Hong Kong Exchange and the Shanghai Star Market. The fintech company is the parent company of China's largest mobile pay solution company AliPay. Ant Group was valued at USD 153 billion post its series D financing, and now the valuation is estimated at around USD 200 billion, making it the most valuable unicorn in the world. Founded in 2014, Ant Group has expanded its business from digital payment solutions to digital financial services, including wealth management, micro-financing and insurance. Meanwhile, the company has extended its reach to over nine regions worldwide – notably to Southeast Asia – by forming strategic partnerships. Alibaba reported a gain of USD 752 million from its equity investment in Ant Group in F2019. Estimated from its stake holder’s financials, the net profit of Ant Group was around USD 2,279 million in the past 12 months as of March 31, 2020. Worth mentioning is that digital financial services had contributed more than 50% of Ant Group’s overall revenues for the foregoing 12 months as of March 31, 2020. SMIC (688981:SH, 00981:HKEX) is currently the most valuable company in the Star Market, with a market cap of CNY 587 billion (USD 83 billion). With its current valuation, Ant Group’s size on the Star Market is tantamount to a cargo ship in a pond. Under Sino-American tensions, a dual-listing plan in Hong Kong and Shanghai is probably the best fit for the Chinese unicorn. Even with such an IPO plan, Ant Group may still create the largest IPO record on the young Star Market.

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Jul 20, 2020 05:12 pm ·

Alipay: Users' Savings Up 40% in H1 2020

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Jul 27, 2020 04:33 pm · Sina

Ping An Technology Assigns New General Manager

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Jul 27, 2020 12:09 pm ·

Huawei Applies for DLT and Blockchain Patents

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Jul 22, 2020 12:38 am · eastmoney

ZhongAn First Introduces Noseprint Recognition on Pet Insurance

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Jul 22, 2020 12:31 am · cnstock

Futu Securities' Clients Surpass 1 Million

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