Business
Jack Ma’s Ant Group is a big deal – The Australian Financial Review
There is a glut of new Chinese stock listings. But even if a market backlash comes, Ant should remain one of the stocks able to keep returns positive.
The timing could not be better. Ant reported full-year revenues of more than Rmb120 billion ($23.6 billion) and net profit over $US2.5b last year. Profits in the first half of 2020 have exceeded the whole of 2019 at more than Rmb21b.
So far, Ant has also managed to emerge relatively unscathed from the pandemic, even if its quest to become a global name has run into trouble. A large chunk of Ants overseas business relies on the $US127b of annual Chinese tourist spending.
That came to a halt as …
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