Jack

Jack Ma’s Ant Hit by Flurry of New Rules Ahead of Mega IPO

(Bloomberg) — Ant Group was dealt another blow by more regulations to contain risks in the country’s burgeoning online lending industry as Jack Ma’s financial technology giant prepares for its initial public offering.

China’s banking watchdog on Wednesday issued fresh rules to cap the use of asset-backed securities to fund quick consumer loans, which will force Ant in particular to rein in that part of its business. The new regulation limits that sort of funding to four times a firm’s net assets, while Ant currently has 4.7 times such debt against its capital.

The rules add to a barrage of recent steps by regulators to rein in consumer borrowing and reduce risks. Regulators have also capped loan rates and imposed new capital and license requirements on Ant and other conglomerates. The firm is preparing to sell shares to the public and is said to seek to raise as much as

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Jack Ma’s Ant Group Hit by Flurry of New Rules Ahead of Mega IPO

(Bloomberg) — Ant Group was dealt another blow by yet more regulations to contain risks in the country’s burgeoning online lending industry as Jack Ma’s financial technology giant prepares for its initial public offering.

China’s banking watchdog on Wednesday issued fresh rules to cap the use of asset-backed securities to fund quick consumer loans, which will force Ant in particular to rein in that part of its business. The new regulation limits that sort of funding to four times a firm’s net assets, while Ant currently has 4.7 times such debt against its capital.

The rules add to a barrage of recent steps by regulators to rein in consumer borrowing and reduce risks. Regulators have also capped loan rates and imposed new capital and license requirements on Ant and other conglomerates. The firm is preparing to sell shares to the public and is said to seek to raise as much

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Why being a ‘jack of all trades, master of none’ is a good thing

In today’s job market, being able to adapt to changes in the work environment and develop transferable skills can help you weather a difficult period. Photo: Getty
In today’s job market, being able to adapt to changes in the work environment and develop transferable skills can help you weather a difficult period. Photo: Getty

For years, we’ve used the idiom “jack of all trades, master of none” as a negative. Picking a specific skill and learning to master it is believed to be more important to a successful career, than being able to turn your hand to a number of tasks.

But in today’s job market, being a generalist might not be such a bad thing. The coronavirus lockdown and record-breaking economic downturn has brought a huge number of businesses to a standstill, which has led to a surge of redundancies.

And the uncertainty of the future of some industries, such as travel, has forced many people to reconsider their employment options entirely. While specialising is never a bad thing, being able to adapt to changes in

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Super Rich Get Richer on Ant After Striking Early Deals With Jack Ma

(Bloomberg) — Jack Ma’s Ant Group is creating a new group of super wealthy people in China while also giving a boost to some older fortunes globally.

Hong Kong’s Li Ka-shing, the family behind a French supermarket giant, the son of a Taiwanese real estate billionaire and Chinese retail tycoon Shen Guojun are among those invested in the online payments provider, which may be valued at $225 billion when it goes public next month.

This wasn’t just some one-off tech bet. They’d all established relationships with Ma’s empire before Ant’s financing round two years ago, along with Thailand’s Chearavanonts, the Tungs of Hong Kong and Lu Zhiqiang of China Oceanwide Holdings Ltd.

At least seven tycoons put in almost $700 million combined, with returns that could reach 50% based on Ant’s targeted valuation, according to a Bloomberg analysis of the firm’s IPO prospectus.

“Family offices aren’t scared to change their

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Ant’s Mega IPO Sets Up Jack Ma to Escalate War With Tencent

(Bloomberg) —

Ant Group’s late-summer IPO filing drove home why the business — backed by 711 million active users that spent $17 trillion through its platform — is headed for potentially the world’s largest stock debut. Yet investors may do well to focus on the long-term threat to its core businesses from arch rival Tencent Holdings Ltd.

Ant is set to join the top echelon of global finance alongside Bank of America Corp., as it seeks to raise about $30 billion with a valuation of about $225 billion in Hong Kong and Shanghai, people familiar have said. Once the dust settles, the crown jewel of Jack Ma’s Alibaba Group Holding Ltd. empire has to contend with a renewed challenge from old nemesis Tencent that’s increasingly encroaching on its turf from payments to wealth management.

China’s two largest corporations Alibaba and Tencent are wrestling for online leadership in everything from social

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As IPO Looms, All You Need to Know About Jack Ma’s Ant Group

(Bloomberg) — Billionaire Jack Ma’s Ant Group is poised to pull off what could be the biggest initial public offering ever by simultaneously listing in Hong Kong and Shanghai. It’s said to be gunning for a valuation of $225 billion, making it the world’s fourth-largest financial company.

A 2011 offshoot of Chinese giant Alibaba Group Holding Ltd., the firm has defined and dominates the Chinese payments market through its ubiquitous Alipay app. It also runs the giant Yu’ebao money market fund and the Huabei and Jiebei consumer lending units.

Based in Hangzhou, a sprawling metropolis south of Shanghai, its ambitions run much deeper than just finance. Here’s a thumbnail look at the business units and the challenges faced by the firm.

Alipay: A $17 Trillion Machine

The world’s largest digital payment platform was created in 2004 as an escrow service for Alibaba to secure transactions on the e-commerce site. For

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Jack Ma’s Ant Seeks $200 Billion Value in Landmark Dual IPO

(Bloomberg) —

Billionaire Jack Ma’s Ant Group is seeking a valuation north of $200 billion as it goes public in Hong Kong and Shanghai, people familiar with the matter said, kicking off a much-anticipated market debut for China’s leader in internet finance.

The parent of China’s largest mobile payment company will pursue a simultaneous dual-listing in Hong Kong and on the Shanghai stock exchange’s STAR board, the Hangzhou-based firm said, in what promises to be one of the largest debuts in years. Ant is already more richly valued than most Wall Street firms and, if conditions are favorable, it could seek to raise more in its IPOs than Saudi Aramco’s record $29 billion haul, one of the people said, asking not to be identified talking about a private deal.

The crown jewel of the sprawling Alibaba empire, Ant has been accelerating its evolution into an online mall for everything from

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Jack Ma’s New Chieftain Lays Out Plan to Fend Off Tencent

(Bloomberg) —

Billionaire Jack Ma’s newest chieftain is accelerating Alipay’s evolution into an online mall for everything from loans and travel services to food delivery, in a bid to claw back shoppers lost to Tencent Holdings Ltd.

Ant Group Chief Executive Simon Hu is aggressively pitching digital payment and cloud offerings to the local arms of KFC Holding Co. and Marriott International Inc., expanding the firm’s focus from banks and fund managers on its ubiquitous app.

The Alibaba Group Holding Ltd. affiliate’s strategy is two-pronged. It halts Tencent and food delivery giant Meituan Dianping’s run-away success in attracting local merchants to their platforms, eroding Ant’s dominance of China’s $29 trillion mobile payments space. It also diversifies Ant’s business into less-sensitive areas after the firm drew regulatory scrutiny for its blistering expansion in financial services with in-house products.

“We want to help digitize the services industry,” said Hu in his first

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Jack Ma’s New Chieftain Lays Out His Plan to Fend Off Tencent

(Bloomberg) —

Billionaire Jack Ma’s newest chieftain is accelerating Alipay’s evolution into an online mall for everything from loans and travel services to food delivery, in a bid to claw back shoppers lost to Tencent Holdings Ltd.

Ant Group Chief Executive Simon Hu is aggressively pitching digital payment and cloud offerings to the local arms of KFC Holding Co. and Marriott International Inc., expanding the firm’s focus from banks and fund managers on its ubiquitous app.

The Alibaba Group Holding Ltd. affiliate’s strategy is two-pronged. It halts Tencent and food delivery giant Meituan Dianping’s run-away success in attracting local merchants to their platforms, eroding Ant’s dominance of China’s $29 trillion mobile payments space. It also diversifies Ant’s business into less-sensitive areas after the firm drew regulatory scrutiny for its blistering expansion in financial services with in-house products.

“We want to help digitize the services industry,” said Hu in his first

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