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Jack Ma’s Ant Group gears up for what could be the biggest IPO in history

Ant Group, the Chinese fintech giant controlled by Alibaba founder Jack Ma, filed to go public.

Jack Ma’s Ant Group gears up for what could be the biggest IPO in history
[Image: courtesy of Ant Group]

Ant Group, the Chinese fintech giant controlled by Alibaba founder Jack Ma, filed to go public today in what could be the largest IPO since Saudi Aramco’s record-breaking offering late last year.

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The parent company of Alipay, China’s largest digital payments platform, is expected to raise $30 billion for a dual listing in Shanghai and Hong Kong. It plans to list on the STAR Market exchange—China’s answer to the tech-focused Nasdaq—in addition to Hong Kong’s stock exchange.

In a prospectus published on Tuesday, Ant Group offered a glimpse into its financials, revealing the size and scale of its operations for the first time. The company says it earned 18 billion Chinese yuan ($2.6 billion) in net profit last year on revenue of 120.6 billion yuan.

And growth is accelerating: Ant Group says it brought in 21.9 billion yuan on revenue of 72.5 billion yuan during the first half of 2020 alone.

Here are a few other key numbers from the prospectus:

  • 1 billion+: Annual active users of the Alipay app
  • 711 million: Monthly active users of the Alipay app
  • 16,660: Full-time employees as of June 30, 2020
  • 2,000+: Number of partner financial institutions
  • RMB 118 trillion: Total payment volume in mainland China

Alipay was first launched in 2004, and its parent company was later rebranded to Ant Financial. Alibaba Group acquired a 33% equity stake in the firm in 2018.

This post has been updated with plus signs to note that the numbers cited for annual active users and partner financial institutions are higher than round number.

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About the author

Christopher Zara is a senior staff news editor for Fast Company and obsessed with media, technology, business, culture, and theater. Before coming to FastCo News, he was a deputy editor at International Business Times, a theater critic for Newsweek, and managing editor of Show Business magazine

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