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
Ant Financial Opens Payment Portals in UK for Chinese Visitors Chinese tech giant Ant Financial on Monday set out major expansion plans to make the UK one of its biggest international markets for mobile payments. HONG KONG, HONG KONG, HONG KONG, October 2, 2018 /EINPresswire.com/ -- The move comes ahead of its anticipated blockbuster stock market listing: Ant - the payment affiliate of China’s leading tech group Alibaba - already has 700 million users in China alone using its digital wallet app to hail taxis, make doctor appointments and buy investments as well as its core business of online and bricks-and-mortar payments. Now at the start of China’s Golden Week national holiday season when wealthy Chinese tourists flock to the capital’s shops, restaurants and hotels, Alipay’s European boss Roland Palmer said that London is the focus of Alipay’s international expansion. “We’ve signed up thousands of merchants - in the last 6 months, … [Read more...] about Knight Investment Limited – Alibaba – Ant Financial Expands Payment Portals to UK
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!