Ant Group Posts 567% Profit Growth in 1Q 2020
Alibaba released the first quarter financial result for the financial year of 2021 with 33% of the profit contributed by Ant Group.
On August 20 Alibaba reported the performance for the first quarter of the financial year of 2021. During the period, it achieved a 34% grow-up on revenue and a 28% increase on net income, at CNY 153.75 billion and CNY 39.47 billion respectively.
The Ant Group, which has 33% of its shares held by Alibaba, posted around CNY 9.2 billion in profit from January to March in 2020, with a surge of 567% even under the pandemic, compared to the same period last year.
Ant Group provides technology-based solutions and services to businesses, especially financial institutions. It is currently the largest global unicorn, worth around USD 200 billion.
It is now in the process of the dual-listing on both Hong Kong and the Star Market in Shanghai. The IPO is expected to become the largest one in history worldwide with an offering of USD 30 billion in total.