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Ant Group

Chinese financial technology company

Ant Group, previously known as Ant Financial, operates Alipay, the world's largest mobile payment platform. With over 1.3 billion users and 80 million merchants, it processed CNÂ¥118 trillion in payments in June 2020. Ant Group is the second largest financial services corporation globally, behind Visa. In 2019, its money-market fund had over 588 million users. In 2020, Ant Group aimed for a record-breaking IPO but was halted by the Chinese government, leading to its transformation into a financial holding company.

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Timeline

2004
Creation of Alipay
Alipay, initially known as a third-party online payment tool, was established by Alibaba in 2004. Unlike other digital companies, Ant Group, formerly known as Alipay, has been profitable since its inception.
2011
Ant Group spun off from Alibaba
In 2011, Ant Group (then Alipay) was separated from Alibaba, although Alibaba still holds a 33% stake in the company. This move allowed both entities to collaborate and enhance e-commerce and financial services infrastructure.
2013
Launch of Yu'e Bao by Ant Group
In 2013, Ant Group launched Yu'e Bao, also known as 'leftover treasure', to enable small customers to invest their leftover funds. The platform offers higher returns compared to traditional bank deposits and lower fees to its asset management partners.
2014-10-23
Alipay rebranded as Ant Group Services
On October 23, 2014, Alipay was rebranded as Ant Group Services.
2015
Launch of Zhima Credit by Ant Group
Ant Group introduced Zhima Credit in 2015, which became a prominent credit scoring system in China. It collects data from various sources to generate credit scores for individuals, filling a gap in the financial system.
2016-04-26
Ant Group had 450 million annual active users
As of April 26, 2016, Ant Group had around 450 million annual active users.
2017-01-26
Ant Group announced acquisition of MoneyGram International
On January 26, 2017, Ant Group Services Group announced a deal to acquire MoneyGram International for $880 million.
2018-06-09
Ant Group raised around US$14 billion
On June 9, 2018, Ant Group raised around US$14 billion, considered the biggest-ever single fund-raising globally by a private company.
2019-02-14
Ant Group acquires WorldFirst
On February 14, 2019, Ant Group acquired the British international money transfer services provider WorldFirst for $700 million.
2020-07-13
Ant Group Co., Ltd name change
On July 13, 2020, Ant Group changed its name to Ant Group Co., Ltd.
2020-09-14
China Issues New Rules for Financial Holding Firms
China introduced new regulations to oversee financial holding companies due to a regulatory gap. The central bank highlighted the need for tighter control over these entities.
2020-10-21
Ant's Shanghai IPO Approval
Ant Group receives approval from China's top securities regulator for its Shanghai IPO, marking a significant milestone in the company's journey towards going public.
2020-10-24
Ant Group prepares for IPO
On October 24, 2020, Ant Group was gearing up for an IPO while Jack Ma criticized China's financial regulatory system, stating that China was following global rules that are part of 'an old people's club'.
2020-10-24
Jack Ma Criticizes Financial System
Jack Ma, the founder of Ant Group, publicly criticizes the financial and regulatory system in China, calling for reforms to encourage innovation and growth. He also makes a controversial comparison of the Basel Committee to 'an old man's club'.
2020-10-26
Ant Secures Backing of Strategic Investors
Ant Group prices its IPO and gains support from strategic investors such as Temasek Holding, Singaporean and Abu Dhabi sovereign wealth funds, large Chinese insurers, and mutual funds.
2020-10-28
Ant Group Headquarters
On October 28, 2020, an Ant Group logo was seen at the company's headquarters in Hangzhou, Zhejiang Province of China.
2020-10-29
Ant Group IPO
Ant Group, a financial technology company, is conducting the largest Initial Public Offering (IPO) in history.
2020-10-30
Record Bids from Mom-and-Pop Investors for Ant Shares
Retail investors bid an unprecedented $3 trillion for shares in Ant's dual listing, showcasing immense interest in Ant's financial technology services in China.
2020-11-02
Regulators announce talks with Ant Group
Chinese financial regulators hold discussions with Jack Ma and top executives of Ant Group, suggesting stricter regulations for online micro-lending firms to manage financial risks and control increasing debt levels.
2020-11-03
Shanghai IPO of Ant Group suspended, HK IPO frozen
Ant Group's initial public offering in Shanghai is halted, and the Hong Kong IPO is put on hold following regulatory actions and recommendations for tighter oversight in the online lending sector.
2020-11-04
Suspension of Ant Group's $37 billion IPO
Ant Group's $37 billion IPO was suspended, leading to significant market repercussions.
2020-11-05
Ant Group IPO on Hong Kong and Shanghai exchanges
Ant Group is set to have the largest initial public offering (IPO) in history on November 5, aiming to raise US$34.4 billion. This IPO surpasses previous record holders like Saudi Aramco and Alibaba.
2020-12-04
Ant Group Receives Digital Wholesale Bank Licences in Singapore
On December 4, 2020, Ant Group's unit and a consortium were chosen to obtain digital wholesale bank licenses in Singapore. This move was part of Ant Group's expansion into the financial sector.
2020-12-26
People's Bank of China Orders Ant Group to Rectify Business Practices
The People's Bank of China instructed Ant Group on December 26, 2020, to rectify its business operations and comply with regulatory requirements. This action was taken due to the Group's lack of effective governance and regulatory compliance.
2020-12-28
China instructs Ant Group to focus on payment services
On December 28, 2020, Chinese authorities directed Ant Group to limit its ambitions and concentrate on payment services rather than expanding into insurance or wealth management. This directive had a significant impact on the strategic direction of Ant Group.
2021-01-15
Ant Group Announces Business Structure Overhaul
On January 15, 2021, Ant Group declared its intention to restructure its business in alignment with Chinese financial regulators' directives. This restructuring aimed to regulate the consumer finance branch as a financial institution.
2022-12-28
Restructuring of Chongqing Ant Consumer Finance Group
The China Banking Insurance Regulatory Commission approved a plan to increase the capital of Chongqing Ant Consumer Finance unit, a subsidiary of Ant Group, following China's tech crackdown. The restructuring involves government co-ownership and separation of the consumer finance business from Alipay.
2023-01-07
Ant Group announces restructuring
Ant Group announced a restructuring plan on January 7, 2023, which involved Jack Ma no longer being the controlling person of the company. Ma's share voting rights would decrease significantly from over 50% to 6.2%, and major shareholders would use their voting rights independently.
2023-01-12
Ant Group's Capital Increase Approval
Chongqing Ant Consumer Finance, a subsidiary of Alibaba's Ant Group, received regulatory approval to raise $1.5 billion to expand into consumer finance, increasing its capital from 8 billion yuan to 18.5 billion yuan. This approval comes after Ant Group faced regulatory challenges and restructuring following the cancellation of its IPO.
2023-07-07
Ant Group fined for non-compliance
On July 7, 2023, the Ant Group was fined $985 million by Chinese regulators for violating regulations in payments and financial services. The People's Bank of China accused Ant of breaching laws related to corporate governance, consumer protection, and anti-money laundering.
2024-04-17
Suspension of Ant Group's $37 billion IPO
The IPO of Ant Group, worth $37 billion, was suspended due to key events that unfolded. The suspension had significant implications in the financial and tech sectors.
End of the Timeline
Ant Group

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