When Jack Ma launched an obscure payment service to boost his online shopping empire 16 years ago, few expected it to succeed. Now that service forms the backbone of Ant Group, a financial behemoth that could be worth more than $200 billion.
Named after a bug because of its founder’s belief that “small is beautiful, small is powerful,” Ant Group is anything but tiny in China. It’s gearing up for a highly anticipated public offering in Hong Kong and Shanghai that could mark the second time Ma sets a record for the biggest IPO ever.
“Ant Group really is the crown jewel of Jack Ma and … of China’s internet industry,” said Edith