Ant Group's Three Major Sectors Initiate External Financing, Strategy Takes Shape

Ant Group's three independent sectors, Ant International, OceanBase, and Ant Digital Technology, have recently initiated external financing. Ant International completed approximately $1.2 billion in Series A financing in July, while OceanBase is seeking between 2 billion to 3 billion yuan in Series A financing. Ant Digital Technology is preparing for a Pre-IPO round of financing. The three companies plan to operate independently by March 2024. Sources close to Ant Group indicate that this round of financing is a test of the effectiveness of the independent operations of the three companies, and they have not yet entered the IPO preparation stage. OceanBase's annual revenue has exceeded 1.4 billion yuan, with a year-on-year growth of about 70%; Ant Digital Technology's revenue is projected to be around 5 billion yuan in 2025, with a target of about 8 billion yuan in 2026, while Ant International's revenue is expected to be around $3.75 billion in 2025. Since 2023, Ant Group has invested nearly 80 billion yuan in technology, shifting its strategic focus from fintech to AI and data elements, with its financial business referred to as the department that "earns living expenses" for the AI business. Currently, Ant Group's overall valuation is approximately 592 billion yuan, down more than 70% from 2.1 trillion yuan on the eve of its IPO in 2020. The market assesses that a spin-off listing is a more realistic path than an overall listing of the group, and each sector must prove its independent customer acquisition capability to enter the capital market.

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