(Feb 2): Billionaire Jack Ma’s Ant Group Co delivered about 14.5 billion yuan (US$2.3 billion) in profit in the quarter, right 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 Ltd, 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.
The earnings offer a taste of what investors will be missing out on after regulators abruptly halted the firm’s US$35 billion IPO in November. Growth is set to be curtailed in the future as regulators have issued a battery of proposals that threaten to curb its dominance in online payments and scale back its expansion into consumer lending and wealth management.
Jack Ma s Ant posts US$2.3B in profit before halt of IPO
Lulu Yilun Chen, Bloomberg News
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Billionaire Jack Maâs Ant Group Co. delivered about 14.5 billion yuan (US$2.3 billion) in profit in the quarter right before Chinese regulators brought down the hammer on the financial technology giantâs record public offering and ordered it to scale back its sprawling business.
Ant contributed 4.8 billion yuan in profit to Alibaba Group Holding Ltd., according to the e-commerce companyâs filing. Based on Alibabaâs 33 per cent 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.