Jack Ma’s Ant Posted $2.3 Billion Profit Before Halt of IPO
- Chinese e-commerce giant Alibaba owns 33% of Ant Group
- Ant’s $35 billion IPO was halted in November by regulators
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Billionaire Jack Ma’s Ant Group Co. delivered about 14.5 billion yuan ($2.3 billion) in profit in the quarter right before Chinese regulators brought down the hammer on the financial technology giant’s record public offering and ordered it to scale back its sprawling business.
Ant contributed 4.8 billion yuan in profit to Alibaba Group Holding Ltd., according to the e-commerce company’s filing. Based on Alibaba’s 33% stake in Ant, that translates to 14.5 billion yuan in profit for Ant in the three months ended in September, as its earnings lag one quarter behind Alibaba. Ant declined to comment.