Alibaba Has 1 Monster Hidden Asset
Alibaba (BABA -5.00%) has taken steps that could revive an IPO of its Ant Group holding. Its previous attempt to bring the company public fetched an enormous valuation. Though its IPO was pulled off the table, Alibaba still owns a significant interest in the valuable company. Here's what's happening now.
Ant Group operates a digital payment app branded as Alipay. The company was founded by Jack Ma, who also founded Alibaba. Alipay's 1.3 billion users transact on Alibaba's e-commerce websites and anywhere mobile payments are accepted. The app also allows users to access its money market fund, its buy now, pay later service, and online banking. Alibaba owns 33% of Ant Group.
In 2020, Ant planned to IPO as a stand-alone company, which would've valued the fast-growing company …
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