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We have provided our early thoughts of Ant Group as early as 2018. The details provided in the prospectus give investors a much more comprehensive understanding of the company, particularly the non-payment business.
The scale of its individual segment is also much clearer, in particular CreditTech, InvestmentTech, and InsureTech segments. Not only is Ant Group the largest third-party payment player in China, it is also the No.1 independent player in each of the three non-payment segments by key operating metrics. Given that Ant has superior growth and margin vs global fintech peer, we would put it at a premium to global fintech players.
In this note, we will focus on some of the finer points of the financial statements.
Our previous coverage on Ant Group
Ant Financial IPO Early Thought: Understand the Fintech Empire, Growth and Risk Factors
Ant Financial (èš‚èšé‡‘æœ) IPO Early Thought: What’s New About the Listing News
Ant Group (èš‚èšé›†å›¢) IPO First-take: No. 1 fintech from all angles
Ant Group (èš‚èšé›†å›¢) IPO: Numbers suggest it’s more tech than financials
Ant Group (èš‚èšé›†å›¢) IPO
Ant Group plans to raise up to USD 30bn via a dual listing in both Hong Kong Exchange and Shanghai STAR board.We have provided our early thoughts of Ant Group as early as 2018. The details provided in the prospectus give investors a much more comprehensive understanding of the company, particularly the non-payment business.
The scale of its individual segment is also much clearer, in particular CreditTech, InvestmentTech, and InsureTech segments. Not only is Ant Group the largest third-party payment player in China, it is also the No.1 independent player in each of the three non-payment segments by key operating metrics. Given that Ant has superior growth and margin vs global fintech peer, we would put it at a premium to global fintech players.
In this note, we will focus on some of the finer points of the financial statements.
Our previous coverage on Ant Group
Ant Financial IPO Early Thought: Understand the Fintech Empire, Growth and Risk Factors
Ant Financial (èš‚èšé‡‘æœ) IPO Early Thought: What’s New About the Listing News
Ant Group (èš‚èšé›†å›¢) IPO First-take: No. 1 fintech from all angles
Ant Group (èš‚èšé›†å›¢) IPO: Numbers suggest it’s more tech than financials
Underlyings
Alibaba (9988 HK)
Ant Group Ltd
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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