Ant Group
Ant Group (Chinese: 蚂蚁集团; pinyin: Mǎyǐ jítuán), formerly known as Ant Financial, is an affiliate company of the Chinese conglomerate Alibaba Group. The group owns the world's largest mobile (digital) payment platform Alipay, which serves over 1.3 billion users and 80 million merchants, with total payment volume (TPV) reaching CN¥118 trillion in June 2020. It is the second largest financial services corporation in the world, behind Visa. In March 2019, The Wall Street Journal reported that Ant's flagship Tianhong Yu'e Bao money-market fund was the largest in the world, with over 588 million users, or more than a third of China's population, contributing cash to it.
Native name | 蚂蚁科技集团股份有限公司 |
|---|---|
| Industry | Technology Financial services Payment processor |
| Predecessor |
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| Founded | 16 October 2014 in Hangzhou, Zhejiang, China |
| Founder | Jack Ma |
| Headquarters | Xihu District, , |
Area served | Worldwide |
Key people |
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| Products | Electronic payment processing Banking Mobile payment |
| Brands |
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| Revenue | 120,618,000,000 renminbi (2019) |
| 24,071,000,000 renminbi (2019) | |
| 18,072,000,000 renminbi (2019) | |
| Total assets | 271,558,000,000 renminbi (2019) |
| Owner |
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Number of employees | ~16,660 |
| Subsidiaries | Tianhong Asset Management |
| Website | www |
In October 2020, Ant Group was set to raise US$34.5 billion in the world's largest IPO at the time, valuing the company at US$313 billion. On the eve of the IPO, China stopped the process from moving forward. It was reported that the Chinese Communist Party leader Xi Jinping personally scuttled the Ant IPO. On 12 April 2021, The Wall Street Journal reported that under the pressure from the Chinese government, Ant Group would be transformed into a financial holding company overseen by the People's Bank of China.