Alibaba Group Holding, the largest company in the multibillion-dollar market for e-Commerce in China, announced February 1, 2018 that its third-quarter revenue increased by 56%. It is expected that later the group will revise its forecast for next year, increasing the expected income from 49-53% to 55-66%.
Simultaneously, Alibaba announced
on the acquisition of 33% stake in the company Ant Financial. This marks an important step for Ant, as the company prepares for initial public offering (IPO). One of the areas of Ant Financial – the creation of a blockchain-based platform for donations. In 2016, the company value was estimated at $ 60 billion.
«It’s no secret, everyone knows that Ant Financial plans IPO and buying shares is just what they had to do before that happens», — quotes
Reuters analyst from Beijing Chengdong Li (Li Chengdong).
The increasing growth rate, combined with the purchase of shares Ant, the company behind the popular online payment system Alipay is likely to help Alibaba to an even greater advantage over competitors in the sector of e-Commerce.
It is worth noting that Alibaba’s revenue for the fourth quarter increased to approximately 13.2 billion dollars, compared with 8.4 billion a year earlier over the same period. While analysts were expecting revenue to be about 12.7 billion dollars. For most of this increased revenue can be a responsible blockchain and FINTECH platform, a partnership which the company pays increased attention lately.
The transaction took place with the participation of Credit Suisse, financial Advisor to Alibaba, while King & Wood and Morrison & Forester oversaw the legal aspects of the transaction, and Pricewaterhouse Coopers is responsible for taxation issues.
Recently, Alibaba announced
on the launch platform for the cloud of mining. It is assumed that the operations on the platform will be made in favor of third parties, which involves the provision to clients of services of cloud computing and the ability to rent the hash power. Mining activities crypto currency that eventually may be included in the core functionality of the platform of Alibaba.
Ant Financial is often associated with the cryptocurrency project NEO (until July 2017 — Antshares) — Chinese competitor to Ethereum. However, in fact, this connection does not exist.