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Chinese fintech giant Ant’s profit drop 19% on regulatory curbs



Ant Group Co.’s quarterly earnings fell 19% as the Chinese fintech pioneer, founded by Jack Ma, struggles to find new growth drivers following regulatory clampdowns. The Hangzhou-based company contributed CNY2.57bn (USD355m) of profit to Alibaba Group Holding Ltd, translating to an estimated CNY7.7bn for the December quarter. This decline narrowed from a 92% plunge in the previous quarter. Ant has been expanding overseas operations, partnering with at least 25 e-wallet platforms for cross-border payments. The company underwent broad overhauls in March, setting up independent boards for future spinoffs. After billionaire Ma relinquished control, Ant proposed a share buyback, valuing the company at USD79bn, down from its peak of USD280bn.

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