On the evening of August 14, Chinese reporters of securities companies learned that the official website of Zhejiang securities regulatory bureau had publicized the guidance filing documents of ant group. According to the documents, ant group has a registered capital of 23.779 billion yuan and is receiving guidance from institutions < / P > < p > it is worth noting that the filing documents also disclosed that the shareholders holding more than 5% of ant’s shares are Hangzhou Junhan equity investment partnership (29.86%), Hangzhou junao equity investment partnership (20.66%) and Alibaba group. Chinese reporters of securities companies have previously reported that Junhan and junao are stock holding platforms for employees of Ali and ant. < / P > < p > according to the above filing documents, “except for the above shareholders, the company has no other major shareholders holding more than 5% of the shares or voting rights.” In addition, “the actual controller of the company is Ma Yun.” Chinese reporters from the securities company asked relevant people of ant group about the guidance period and listing schedule, but the other side said they would not comment. < p > < p > on July 20, ant group officially announced that it had launched a plan to seek simultaneous issuance and listing on the main board of the Shanghai Stock Exchange’s science and technology innovation board and the stock exchange of Hong Kong Limited. < / P > < p > “the science and technology innovation board and the Hong Kong Stock Exchange have launched a series of reform and innovation measures, which have created good conditions for new economy companies to better obtain capital market support, including international capital support. We are very glad to have the opportunity to participate in them.” At that time, said Jing Xiandong, chairman of ant group. On the evening of August 14, the official website of Zhejiang Securities Regulatory Bureau disclosed that ant group was receiving listing guidance. There are some important information points about the relationship of stock right and so on. According to the filing documents, the shareholders holding more than 5% of ant’s shares are Hangzhou Junhan equity investment partnership (29.86%, referred to as Junhan), Hangzhou junao equity investment partnership (20.66%, referred to as junao) and Alibaba group. In other words, the two employee holding platforms hold more than 50.52% of the total shares. According to the filing documents, Junhan was established in January 2014, and its executive partner is Hangzhou yunplatinum Investment Consulting Co., Ltd.; junao was established in December 2012, and its executive partner is Hangzhou yunplatinum Investment Consulting Co., Ltd. < p > < p > in addition, according to Alibaba’s latest annual report for 2019, Alibaba holds 33% of the shares of ant group, and Hangzhou junao and Junhan equity investment partnership hold more than 50% of the shares of ant group. < / P > < p > in addition to the above-mentioned shareholders with more than 5% shares, the reporter found in the equity information of Tianyan that large insurance companies collectively participate in ant group. China Life Insurance (Group) Co., Ltd. shares 1.06%, China Life Insurance Co., Ltd. 0.24%, China Pacific Life Insurance 0.74%, PICC Capital Investment Management Co., Ltd. 0.54%, and Xinhua Life Insurance 0.42%. < p > < p > < p > it is worth noting that, as far as the industry knows, Jun Han belongs to Ma Yun, Ali department and ant department, and Jun Ao is part of Alibaba partnership. Therefore, Alibaba and Alibaba ant members hold about 83% of the shares of ants. According to the filing documents, ant group received the listing guidance of CICC and China Securities Construction Investment Corporation, which was divided into three stages: < / P > < p > the first stage: finding out the truth and summarizing the problems. This paper will sort out the problems existing in ant group that may have an impact on the issuance and listing of a shares. On the basis of careful study with ant group, Ernst & young and Fangda lawyers, a comprehensive specific counseling program will be formed and implemented. < / P > < p > stage 2: coaching and problem solving. The contents of the guidance mainly include the securities law, the administrative measures for the registration of initial public offering shares on the science and technology innovation board (for Trial Implementation), the measures for the continuous supervision of listed companies on the science and technology innovation board (for Trial Implementation), the Listing Rules of the stock exchange and other relevant laws and regulations The guidance agency will work with other intermediary agencies to help ant group improve the basic rules and regulations of corporate governance and other internal control systems; for major issues, organize discussions and propose solutions. < / P > < p > the third stage: improve the counseling plan. In the summary stage, the focus of the work is to summarize the guidance and assist ant group to carry out the preparation for listing. < p > < p > on July 20, ant officially announced a + H listing plan. At that time, ant said, “it intends to further support the digital upgrading of the service industry, increase domestic demand, strengthen global cooperation, promote global sustainable development, and support companies to increase technological research and innovation.”
official website shows that at present, the ant group is China’s largest mobile payment platform Alipay’s parent company, and is also the world’s leading financial technology open platform. It is committed to promoting digital upgrading of the global service industry including technology and technology, including financial services. Since its establishment in October 2014, ant group has developed six business systems including payment wallet, wealth management, financing service, insurance, credit service and digital solution. Besides financial cloud, oceanbase database business and multiple financial technology products, the financial business has covered payment, banking, consumer credit, wealth management, fund and brokerage Business, insurance and insurance brokerage business. < p > < p > since Jing Xiandong, chairman of ant group, digitalization has become one of the important transformation directions of ant group; at the end of November 2018, Hu Xiaoming, the former president of Alibaba cloud, who was born as a financial technology expert, returned to ant, and successively served as president and CEO. In June this year, ant group further changed its full name from “Zhejiang ant small and micro financial service Co., Ltd.” to “ant Technology Group Co., Ltd.”, hiding the “financial” label and upgrading the name of digitalization. < p > < p > at that time, people in the industry believed that ant group had grown into a world-class financial technology company with certain “scarcity” and was widely favored by investment institutions. After listing, it was likely to attract long-term capital layout, and its market value was expected to reach 1.5 trillion. Wang Jiyue, a senior investment banker, believes that “the recent average daily turnover of A-shares exceeds 1 trillion yuan, and the 100 billion yuan fund-raising scale of (ant group) is limited, and high-quality companies are still attractive to market funds.” < / P > < p > in 2015, 2016, 2017 and 2018, its pre tax profit was 4.254 billion yuan, 2.906 billion yuan, 13.190 billion yuan and 1.9 billion yuan respectively; in a single quarter, the pre tax net profit in the second and third quarters of 2017 exceeded 5 billion yuan, but there were losses in the first quarter and the third quarter of 2018. In the past three years,
has actively promoted its digitalization and globalization, and has actively exported to Southeast Asia and Europe and the United States in the form of local Wallet +. In the last quarter, Alipay has paid more than 1 billion 200 million users worldwide, including 900 million of China and 300 million of overseas. Currently, Alipay has supported more than 200 countries and regions in online transactions. < p > < p > public information shows that ant financial has experienced at least 9 rounds of financing since its establishment. However, in September last year, the “profit sharing arrangement” in which 37.5% pre tax profits were collected from the transfer of intellectual property rights since 2014 was terminated. Meanwhile, Alibaba acquired 33% of ant’s equity with RMB 87.5 billion. Based on this estimate, ant’s market valuation has exceeded $200 billion. < / P > < p > in July 2015, the company completed a round of financing of 12 billion yuan for Pacific Life Insurance, national social security fund, Shanghai Jingyi, Jinpu investment, China Life Insurance, Chunhua capital, China Post capital, Guokai finance, PICC, Xinhua insurance and Yunfeng fund, with a market valuation of $45 billion at that time. < p > < p > in April 2016, ant announced that it had completed the round B financing of US $4.5 billion, which set a global single private financing record in the Internet field at that time. CIC and CCB’s CCB trust, CICC Jiazi and Hanfu capital participated in the investment, and Chunhua capital, China Life Insurance, China Post capital, and China Development Finance Co invested. At that time, the market value was about 60 billion US dollars. Compared with that, in only two years, ant’s valuation had doubled, increasing by 270%. < p > < p > in June 2018, ant announced a new round of financing, with a total financing amount of 14 billion US dollars (about 90 billion yuan), and the ant market valuation reached 150 billion US dollars. In addition to the continuous follow-up investment of the original shareholders, including Singapore Government Investment Corporation, Malaysia Treasury holdings, Warburg Pincus investment, Canadian pension fund investment company, Silver Lake investment, Temasek, pan Atlantic capital group and t. Rowe price’s funds, Carlyle investment group, janchor partners, discovery capital management and Baillie Gifford became new strategic investors, setting the largest private equity financing record in the world at that time.