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The Ant Group Tale

Ant Group formerly known as Ant Financial and Alipay is an affiliate company of the Chinese Alibaba Group. Ant Group changed the name in June 2020 from ANT FINANCIAL SERVICES GROUP. Ant Group is the world’s highest-valued FinTech company and most valuable unicorn company. Ant Group claims to form the infrastructure and platform to support the digital transformation of the industry. we attempt to modify all customers and tiny businesses to own equal access to money and alternative services that are comprehensive, green, and property. In October 2020, Ant Group was set to boost US$34.5 billion within the world’s largest commercialism at the time, valuing the corporate at US$313 billion. On the eve of commercialism, China stopped commercialism from moving forward. The cluster owns China’s largest digital payment platform, Alipay, that serves over one billion users and eighty million merchants, with total payment volume (TPV) group action reaching CN¥118 trillion in June 2020.

Picture Credits: Wsj.com

The Hierarchy Stands Strong!

The Hangzhou-based company’s business registration records were updated in August, twenty-one to incorporate 3 new freelance administrators further as 2 senior executives of e-commerce large Alibaba cluster Holding Ltd., that owns a thirty-third stake in emmet. Cheng Li, Alibaba’s chief technology officer and Jiang Fang, Alibaba’s chief individual’s officer were appointed as non-executive administrators at emmet. Mr. Cheng was antecedently Ant’s chief technology officer. Fred Hu, founder, and chairman of Primavera Capital cluster, a private-equity firm that was an associate early capitalist in emmet, was appointed as an associate freelance and non-executive director of the corporate. the opposite 2 freelance administrators are Huang Yiping, a Beijing University academic and a former member of the Financial Policy Committee of the People’s Bank of China, and Vietnamese monetary unit Quan, a former partner at KPMG China. Three former Ant Group administrators were not listed within the records. They enclosed Australopithecus afarensis Peng, the company’s former government chairman, Alibaba’s chief government Daniel Zhang, and Alibaba’s chief treasurer Maggie Shanghai dialect. Ant’s board currently has 9 members, six of whom are executives at emmet or Alibaba. The board includes Ant’s government chairman Eric Jing, CEO Simon Hu, current CTO nickel Xingjun, and Alibaba’s government vice-chairman Joe Tsai. Mr. nickel was superimposed to the board in the Gregorian calendar month.

Picture Credits :https://www.caixinglobal.com/2020-08-26/charts-of-the-day-ant-group-shows-solid-growth-as-it-marches-to-possible-record-ipo-101597466.html

All about Money!

Ant Group has raised a total of $22B in funding over 4 rounds. Their latest funding was raised on Jun 8, 2018, from a Series C round.Ant Group is funded by 15 investors. Warburg Pincus and The Carlyle Group are the most recent investors.Ant Group has made 86 investments. Their most recent investment was on May 18, 2020, when Wave Money raised $73.5M.Ant Group has had 12 exits. Ant Group’s most notable exits include ELEME, Alibaba Health Information Technology, and 36Kr.Ant Group has acquired 4 organizations. Their most recent acquisition was WorldFirst on Feb 14, 2019. They acquired WorldFirst for $700M.Ant Group Co. has reconstituted its board of administrators, adding 5 people and removing 3 others, because the Chinese financial-technology company moves nearer to its initial public offerings in Hong Kong and Shanghai.

Ant, the world’s most precious financial-technology startup, last month aforementioned it was making ready for coincident IPOs on Hong Kong’s exchange and Shanghai’s Nasdaq-style STAR Market. the corporate was valued at $150 billion in mid-2018 following a $14 billion fundraising spherical that John Drew investments from domestic and world investors. China’s securities regulator last Fri accepted Ant’s application for associate offshore listing, consistent with its web site, paving the manner for emmet to proceed with its Hong Kong listing plans. Alipay was rebranded as emmet cluster Services on twenty-three October 2014, and therefore the company modified its name to emmet cluster Co., Ltd on thirteen Gregorian calendar month 2020. In 2015, Ant Group raised $4.5 billion in an exceedingly funding spherical with investors together with China Investment Corporation (CIC), CCB Trust, China Life, China Post Group, China Development Bank Capital, and Primavera Capital cluster. In 2015, the corporate was valued at regarding $45 billion. As of twenty-six Gregorian calendar month 2016, Ant Group had around 450 million annual active users, with Credit Svizzera estimating that fifty-eight of China’s online payment transactions went through Alipay. In Gregorian calendar month 2016, Ant Group bought EyeVerify.Inc. and therefore the company was rebranded as Zolo.

By late Gregorian calendar month 2017, Ant Group had a valuation of $60 billion. On twenty- six Gregorian calendar month 2017, Ant Group Services cluster proclaimed a deal to accumulate MoneyGram International for $880 million. In Gregorian calendar month 2018, the businesses set to terminate the deal when approval wasn’t granted from the Committee on Foreign Investment within the U.S thanks to U.S. national security considerations. constant month, the Internet Administration of China expressed that Ant Group had didn’t meet the country’s information protection standards. In Gregorian calendar month 2017, emmet cluster fashioned a venture with Sir Li-Ka Shing’s CK Hutchison Holdings to launch a digital case service in Hong Kong. In June 2018, the corporate launched a blockchain-powered money remission service that may permit money transfers between Hong Kong and therefore the Philippines.

Picture Credits: Ant Group

On nine June 2018, the corporate raised around US$14 billion, that the days of Asian country known as “the biggest-ever single fundraising globally by a non-public company”. In November 2019, the corporate proclaimed to be raising $1 billion for a brand new fund, meaning to expand the firm’s investment activities in Asian countries and geographic areas. consistent with media reports, the fund is supposed to produce late-stage funding to startups. In Gregorian calendar month 2020, Ant Group has applied for a digital banking license in Singapore. In August 2020, the corporate filed the documents for commercialism with a concept to boost $30 billion. later on, the firm disclosed that it created earnings of $2.6 billion in 2019. In October the commercialism was priced to boost US$34.5 billion, and worth emmet cluster at over US$313 billion within the twin Shanghai and Hong Kong listing. In November 2020, the corporate proclaimed it’d be suspending its commercialism on each the Shanghai and Hong Kong stock exchangesIn March 2019, UK’s Barclaycard distended an agreement that enabled British retailers to just accept the Alipay app in their storesOn fourteen February 2019, Ant Group non-heritable land international cash transfer services supplier WorldFirst for $700 million.

By September 2020, it was absolutely according to that U.S. authorities square measure considering restrictions on Ant Group’s payment system, with the U.S. State Department recommending that Ant Group be another to the Entity List, however, afterward withdrew plans to sanction the corporate.
Hong Kong stock exchanges. In November 2020, the corporate proclaimed it’d be suspending its commercialism on each the Shanghai and Driven by the growing numbers of Chinese tourists around the world, emmet cluster has wanted to expand its services into Europe and therefore the U.S In Europe, the corporate had tripled the number of merchants that are acceptive the Alipay app, consistent with the firm’s head of the Europe division. Partnerships exist between Alipay and numerous European digital case apps, together with ePassi (Finland), Vipps (Norway), MOMO (Spain), Pagaqui (Portugal), and Blue code (Austria).

What’s the new rivalry Ant group facing?

Ant group was all set to become World’s biggest IPO but it didn’t go as planned. Ant group was geared up to become World’s biggest IPO however it did not go as planned. The Ant Group is a Fintech company, controlled by China’s richest Jack Ma of Alibaba fame. He needed to require the Ant Group public and lift up to 37 billion dollars within the method. This is able to bring in the biggest IPO or initial public providing in the world- wanting to be listed larger than Saudi Aramco.
The report states that the Chinese President personally stopped the 37 billion deal. President Xi ordered Chinese regulators to investigate and effectively shut down Ant’s stock market flotation, the report said.
Ant Group did not immediately respond to Reuters’ request for comment. The Information Office of the State Council, China’s cabinet, could not be reached immediately for comment.
Ma had told a summit in Shanghai on October 24 that the regulatory system was stifling innovation and must be reformed to fuel growth. Earlier this month, Reuters reported the speech set off a chain of events that torpedoed the listing of Ant. Just two days from going live, this decision was put to a halt and the founder is going through scrutiny every hour.
“Here, what I can tell you is that the decision of suspension is relevant stock exchange department fulfilling its responsibility of self-regulation. The decision (of suspension of the IPO) is made by relevant exchange institutes based on laws to better safeguard capital market stability and protect investor rights and interests”, Chinese foreign ministry spokesman Wang Wenbin said.

Why is there a sudden change of plans

One of the main reasons to state such a fall back is mainly It is backed by one of the most admired entrepreneurs in the world who seems to have fallen on the wrong side of his own party. Jack Ma may have miffed the communist leadership with a statement. Last month, he had criticized China’s financial regulations. Calling them “outdated”, Jack Ma said they were stifling innovation in the sector.
Well as we know where things stand as of know lets hope What goes around comes around for the company.

 

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