Wall Street cannot wean itself off the Chinese IPOs despite the geopolitical tensions brought about by the Chinese Communist Party. Goldman Sachs is said to join the syndicated initial public offering of Alibaba’s Ant Group’s of up to $30 billion on stock exchanges in both Shanghai and Hong Kong.
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The Chinese Communist Party is pushing for digital payment globally. Its long term goal is to digitize currency and payment to challenge the global system established around the US dollar.
According to Miles Guo, one of the reasons for the Chinese to hack the US credit reporting agency Equifax in 2017 was to help Chinese companies like Alibaba and Ant Group.
Ant Group’s services:
- It operates Alipay, the world’s largest mobile and online payments platform as well as Yu’e Bao, the world’s largest money-market fund. It also runs Sesame Credit, a third-party credit rating system. As of September 2017, Ant Financial unveiled its facial recognition payment technology through its Alipay services.
- In September 2018, the company launched the Ant Financial Technology brand for all of its technology products and services.
- In 2015, Alibaba and Ant Financial Services Group created a financial company Koubei as a joint venture. Ant Financial also operates credit payment company Huabei, and the online bank called MYbank.
- In 2015, Ant Financial launched Ant Fortune, a wealth management platform. Yu’e Bao is one of the products on the platform. Ant Fortune offers hundreds of products from more than 80 Chinese fund institutions.
- In June 2017, Ant Fortune launched a Fortune Account (财富号) service platform that allows financial institutions to publish content and sell their financial products there.