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We have provided our early thoughts of Ant Group as early as 2018. 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.
PBOC and State Council announced official rules on financial holding companies which will put Ant Group under marginally tighter regulations. We believe the short term impact on the company is minimal as the cost for setting up the financial holding company is manageable based on Ant's balance sheet. However, there are on-going uncertainties of whether the regulator will continue to place more restrictions on Ant Group which remains to be seen.
Ant Group (蚂蚁集团) Pre-IPO - Impact assessment of the new rule for financial holding companies
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. 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.
PBOC and State Council announced official rules on financial holding companies which will put Ant Group under marginally tighter regulations. We believe the short term impact on the company is minimal as the cost for setting up the financial holding company is manageable based on Ant's balance sheet. However, there are on-going uncertainties of whether the regulator will continue to place more restrictions on Ant Group which remains to be seen.
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.
Ke Yan
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