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Ant Group files for HK-Shanghai IPO; first-half profit rises 1,000%

Ant's Alipay service processed $17 trillion in transactions

alipay, wechat, digital payments, china
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The financial technology powerhouse reported profit of 21.9 billion Chinese yuan ($3.2 billion) on total revenues of 72.5 billion yuan in the first half of the year, according to the exchange filing

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Billionaire Jack Ma’s Ant Group filed for an initial public offering in Hong Kong and Shanghai to bankroll its expansion in financial services and bolster its lead as China’s large­st online payments platform.

The company will issue no less than 10 per cent in new shares of its total capital, according to its filing with the Shanghai excha­nge. 

The financial technology powerhouse reported profit of 21.9 billion Chinese yuan ($3.2 billion) on total revenues of 72.5 billion yuan in the first half of the year, according to the exchange filing.  That represented a more than 1,000 per cent jump in profits from

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First Published: Aug 26 2020 | 2:20 AM IST

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