Ant Financial Services Group appointed Hu Xiaoming, a senior Alibaba executive, as its president, elevating a longtime lieutenant of billionaire Jack Ma to a top role at the Chinese financial-technology giant. Mr. Hu, 48 years old, was most recently the president of Alibaba Group Holding Ltd.’s cloud-computing business. He joined the e-commerce giant in 2005 and was involved in the early development of Alipay, the popular mobile-payment network Alibaba later spun out to create Ant. He also previously served as Ant’s chief... … [Read more...] about Jack Ma’s Ant Financial Appoints Alibaba Executive as Its President
Ant financial services group
Ant Financial Services Group, the world’s most valuable private financial-technology company, logged its largest quarterly loss in years, showing how costly it is to compete in China’s rapidly evolving Internet-consumer economy. Ant, an affiliate of Alibaba Group Holding Ltd., swung to a pretax loss of around 2.4 billion yuan ($353 million) in the three months ended Sept. 30, compared with a pretax profit of 5.3 billion yuan in the same period a year ago. The numbers were calculated from Alibaba’s quarterly results.... … [Read more...] about Ant Financial Swings to Biggest Quarterly Loss in Years
Chinese financial-technology giant Ant Financial Services Group’s quarterly profit fell by half from a year ago, as it continued to spend heavily to attract and retain customers in China’s fast-growing internet-consumer economy. The Hangzhou-based company, which is controlled by Chinese billionaire Jack Ma, earned 2.43 billion yuan ($355.3 million) in pretax profit for the three months to June, versus 5.24 billion yuan for the same period a year ago. ... … [Read more...] about Ant Financial Profit Sinks as Spending Surges in Battle With WeChat
By Ben DiPietro Ben DiPietro The Wall Street Journal BiographyBen DiPietro Jul 30, 2018 7:22 am ET 0 COMMENTS Readers can subscribe to The Morning Risk Report here: http://on.wsj.com/MorningRiskReportSignup. Follow us on Twitter at @WSJRisk. A logo of Ant Financial is displayed at an event of the company in Hong Kong in November 2016. Bobby Yip/Reuters Ant Financial Services Group, founded by Chinese billionaire Jack Ma, has become the world’s biggest financial-technology firm, but that success is putting a target on the company’s back, WSJ’s Stella Yifan Xie reports, as China, even more than the U.S., is under pressure to reckon with the disruptive power of a financial-technology giant. China’s banks complain Ant siphons away their deposits, causing them to pay higher interest rates, and is a factor leading them to close branches and ATMs. One commentator at a state-owned television channel described Ant’s huge … [Read more...] about The Morning Risk Report: China Casts Wary Eye on Giant Ant Financial
Ant Financial Group of Companies Knight Investment Limited shows why China’s IPO market still has plenty of potential with Ant Financial being the #1 front runner. HONG KONG, HONG KONG, HONG KONG, July 25, 2018 /EINPresswire.com/ -- Ant Financial is undoubtedly one of the hottest companies in fin-tech today. The sheer size of its user base and the financial services it covers within its group of companies makes it arguably the largest of its peers globally. Knight Investment drills down what makes this such an exciting prospect and highlights the advantages Ant Financial has over its domestic competitors. In the first half of 2018, China’s fin-tech enterprises raised around 230 billion yuan ($35 billion), over 80 percent of the global total, and three giants took more than half of the amount fundraised in China. According to data, at least 569 fin-tech investment and fundraises took place globally in the first six months of this year, involving a total of about 276 … [Read more...] about Knight Investment Limited – Ant Financial, The Next Centacorn IPO!