Regulators put squeeze on Ant ahead of IPO
The Chinese fintech giant is facing an uncertain future as authorities try to curb its dominance
02 February 2021 - 16:42
Billionaire Jack Ma’s Ant Group delivered about 14.5-billion yuan ($2.3bn) in profit in the quarter before Chinese regulators brought down the hammer on the financial technology giant’s record public offering and ordered it to scale back its sprawling business.
Ant contributed 4.8-billion yuan in profit to Alibaba Group Holding, according to the e-commerce company’s filing. Based on Alibaba’s 33% stake in Ant, that translates to 14.5-billion yuan in profit for Ant in the three months ended in September, as its earnings lag one quarter behind Alibaba. Ant declined to comment...
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