Ant Group’s profit fell to $2.1bn in the March quarter after Chinese regulators thwarted its record initial public offering and told it to overhaul its sprawling operation.
The fall in profit underscores the challenges facing Ant after a widespread crackdown on China’s most powerful technology corporations. In response, the country’s largest fintech is folding its financial business into a holding company that will be regulated more like a bank. Regulators have also issued a battery of proposals that threaten to curb Ant’s dominance in online payments and scale back its expansion into consumer lending and wealth management.
While chair Eric Jing has promised staff that the company will eventually go public, it is likely to be worth much less than before the crackdown that began last year. Fidelity Investments halved its valuation estimate for Ant to about $144bn in February, compared with $295bn in August last year.
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