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Ma: Alipay 鈥榙efinitely鈥 to go public
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ALIBABA Group Holding Ltd’s Alipay “will definitely go public,” Executive Chairman Jack Ma said yesterday, eying a Chinese mainland listing for the e-commerce company’s crown jewel.
Alibaba was unable to list shares on China’s mainland as part of its record-breaking US$25 billion initial public offering, said Ma. “I hope that Alipay has this opportunity,” he told China Central Television, said a transcript posted on CCTV’s official Weibo microblog.
Ma, speaking on the company’s annual Singles Day shopping festival, did not give a timeline for when the unit might list. Alibaba’s Executive Vice Chairman Joe Tsai said later in Hangzhou that Alibaba would look to list the entire Ant Financial Services Group on mainland exchanges at a future date. Alipay is one unit of Ant Financial.
Alipay is the lifeblood of Alibaba’s e-commerce network and China’s dominant online payment processor. Set up a decade ago, the service pioneered online payments in China and settled 4.825 trillion yuan (US$788 billion) in transactions in the year ended on June 30, 2014.
Foreign access to mainland stock markets remains curtailed and subject to quotas, but there are now a series of trial programs in place that if expanded could allow significant foreign exposure to firms listed on mainland exchanges.
In October, Ant Financial Chief Executive Lucy Peng said there were no current plans for the company to hold an initial public offering of its own.
As part of an August deal between Alibaba and Ant Financial, Alibaba shares 37.5 percent of the unit’s profit or can in the future take a direct stake in it.
The IPO must value Ant Financial at a minimum of US$25 billion, according to the agreement, which is detailed in Alibaba’s IPO prospectus.
Alibaba has been offering new financial services around Alipay, including a money market fund for consumers, a mobile payment app and even a new private bank.
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