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|Ant alibaba ipo||Twitter LinkedIn icon The word "in". While China may have sprung the newly drafted rules on Ant in early November, its mission to reign in fintech began long before that. November 3, AM ET. Archived from the original on 30 July But Ant's suspended IPO by China's firm hand renders that future murky, as the firm attempts to readjust itself to comply with the nation's new rules. Archived from the original on 18 August|
|Ant alibaba ipo||Retrieved 28 September Archived from the original on 23 October Whilst there is no direct accusation or evidence that Alibaba office holders lobbied Chinese officials, the Ant IPO prospectus showed complex ownership structure with Ant alibaba ipo Junhan owning Facebook Twitter Flipboard Email. While China may have sprung the newly drafted rules on Ant in early November, here mission to reign in fintech began long before that. Archived from the original on 7 November|
The partners intend to establish the joint venture, a provider of personal credit scores, as early as October, three people told Reuters, according to the report. Four companies are set to take a stake in the JV alongside Ant Group, three of them state-backed. Financial authorities blocked Ant Group's highly anticipated IPO on the Shanghai and Hong Kong stock exchanges in November, saying the Chinese financial-services company might no longer meet disclosure requirements.
In April, Chinese regulators ordered Ant Group, the tech affiliate of Jack Ma's Alibaba, to restructure before it could be allowed to go public. It was told to change parts of its business and to return to its roots as a payments services provider. The planned JV could address some of the requirements regulators have set for Ant Group, which owns China's largest digital payments platform Alipay.
It would also give Beijing some access to the vast amounts of personal data held by the fintech. The JV will collect, manage and analyze consumer data to give a score to a customer's credit standing. Under its new structure, the firm would deal Ant Group's business data operations in a way that would make regulatory control for authorities easier, according to the Reuters report. The fintech's booming micro-lending business would be scrutinized more closely, it said.
Ant Group received official approval to develop a consumer finance business with state-backed minority shareholders in June. China has stepped up regulations for tech and other key sectors this year to increase its grip on growing industries.
The country's five-year plan set out in August targets tech innovation, monopolies, internet finance and big data as industries that should expect tighter rules. The regulatory crackdown has sent Chinese tech stocks tumbling, including shares in Ant Group parent company Alibaba. At the end of the trading day in Hong Kong on Wednesday, Alibaba shares had fallen 0. Its New York traded shares were last up by 3. For those reasons, fears that Ant Group won't go public seems to be a bit overblown, in my opinion.
As time goes by and the dust settles, those fears are likely to disappear, and be replaced by optimism towards a renewed IPO. Furthermore, that bet is hedged by all other Alibaba businesses, which are performing strongly. As mentioned earlier in the article, Ant Group is classified as an equity method investment. That means Alibaba doesn't report Ant Group's revenues and profits like it does for all its core businesses.
Those are the core e-commerce sites and digital platforms. Alibaba core commerce and digital platforms continue to shine. That growth rate is derived from results in RMB Renminbi , which is the reporting and functional currency of Alibaba's core businesses. That's a strong rate of growth, and has not slowed compared to previous quarters. As Chinese consumers continue to migrate towards e-commerce, Alibaba revenues are likely to keep growing at double digit rates.
When that growth rate is taken into consideration along with valuation, the story looks even better. The EV build-up and calculations are shown in the table below:. Alibaba is not a riskless investment by any means.
There are some important risks to consider:. In my opinion, these are risks worth taking as the rewards could be significant. Alibaba core business continues to shine and grow at double digit rates, which in and on itself is a great reason to own BABA. As shown in the calculations above, Alibaba is trading at What's more, I expect that multiple to rise towards 30x as BABA has a history of trading at such multiple.
My belief is those fears are misplaced, and when the road clears for Ant Group to go public, BABA will recover the recent losses and reach new all-time highs. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it other than from Seeking Alpha.
I have no business relationship with any company whose stock is mentioned in this article. Somint Research 1. Alibaba's core businesses As mentioned earlier in the article, Ant Group is classified as an equity method investment. The EV build-up and calculations are shown in the table below: Source: company financials, author computations Risks Alibaba is not a riskless investment by any means.
There are some important risks to consider: There are risks that the IPO of Ant Group won't happen anytime soon, or happen at all. It is important to recognize that the IPO is not guaranteed and it remains a risk As mentioned in the valuation discussion, Alibaba functional currency is the Chinese renminbi, not the US dollar.
US investors are taking currency risks by investing in a foreign company whose revenues are not generated in USD There is also risk in the valuation multiple discussed above as well as the growth rate of the core business. History has shown that Alibaba can trade around x EBITDA when sentiment is poor In my opinion, these are risks worth taking as the rewards could be significant.
Investor conclusion Alibaba core business continues to shine and grow at double digit rates, which in and on itself is a great reason to own BABA. This article was written by. Somint Research. I write in Seeking Alpha to share my research with everyone. My hope is to spark discussion, discover blind spots, and for people to benefit from my analysis.
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Twelve months ago, Ant Group—the fintech subsidiary of Chinese tech giant Alibaba—was primed for the world's biggest-ever IPO: a $37 billion. In October , Ant Group was set to raise US$ billion in the world's largest IPO at the time, valuing the company at US$ billion. On the eve of the. Ant filed to go public in August, nearly a decade after the company was spun out of Alibaba. Ant's Alipay app is used by more than million.