Ant Group files to go public in HK and Shanghai, reports US$3.2b half-year profitAnt Group says Alipay mobile payments app in China, has more than 1 billion annual active users. The financial technology powerhouse, controled by Alibaba founder Jack Ma Yun, reported profit of 21.9 billion yuan (US$3.2 billion) on total revenues of 72.5 billion yuan in the first half of the year, according to the exchange filing. Revenues were also up significantly, climbing about 38 percent from the 52.5 billion yuan the firm made in the first half of 2019. Ant Group, formerly known as Ant Financial, is planning a concurrent listing on the Shanghai stock exchange’s Star market, and the Hong Kong stock exchange. More recently, Ant has pivoted to focus on what it calls technology services — financial technology products that it can sell to enterprise customers for a fee.

Source: The Standard August 25, 2020 10:52 UTC