Ant Group, the Chinese FinTech, reported profits of 9.2 billion yuan ($1.3 billion) in the first fiscal year quarter… That’s up 560 percent over the same period one year ago.
The Q1 report comes one week after Ant Group conducted a preliminary initial public offering (IPO) filing with the China Securities Regulatory Commission’s Zhejiang Regulatory Bureau. If successful, it could be the world’s largest IPO in years.
The FinTech platform offers loans, mobile payments and money market funds. Bloomberg reported that it is expanding to offer everything from airline tickets to food delivery, as well as cloud computing and risk control technology for other FinTech and retail firms. Ant Group is reportedly working on implementing consumer financing with Nanyang Commercial Bank, China TransInfo Technology Corp. and Contemporary Amperex Technology Co.