Ant Group, China’s fintech unicorn behind Alipay, announced that in the first three quarters of 2020, it realized 118.191 billion yuan of operating revenue, with a year-on-year increase of 42.56%.
Its revenues come mainly from the growth of digital financial technology platform revenue.
Its gross profit was 69.549 billion yuan (US$10.41 billion), a year-on-year increase of 74.28%; and, the overall gross profit margin increased to 58.84% from 48.13% in the same period last year.
Ant Group plans concurrent initial public offering IPO on the Shanghai Stock Exchange’s STAR board (“SSE STAR” market) and The Stock Exchange of Hong Kong Limited (the “SEHK”).
Credit Suisse expects Ant’s revenue to grow at 34% CAGR from 2019-2022e with digital fintech services as the key driver. It projects non-IFRS net profit to grow at 54% 2019-2022E CAGR.