Jack Ma resurfaces as Ant targets IPO and AI rollouts

Ant Group booked a 10% jump in profit for the quarter ending June 30, after ramping up investments in artificial intelligence, robotics, and overseas tech infrastructure.

The Hangzhou-based firm, which runs China’s go-to payments app Alipay, added 2.7 billion yuan ($381 million) in profit to Alibaba’s bottom line.

With Alibaba owning one-third of the company, the full quarterly net for Ant comes out to around 8.3 billion yuan, based on figures shared in Alibaba’s recent earnings.

The numbers land as Ant tries to reinvent itself after a bruising regulatory crackdown that started in late 2020. The company’s own financial updates run one quarter behind Alibaba’s.

In the meantime, it’s turning to AI tools and cross-border financial systems as part of a wider strategy to find growth that’s less exposed to government pressure.

Jack Ma resurfaces as Ant targets IPO and AI rollouts

After years out of public view, Jack Ma appeared during Ant’s 20th anniversary in December to speak briefly on the company’s future and how AI can open new doors.

Ma, who co-founded Ant but gave up control in 2023, no longer has a role in the firm. His exit followed years of scrutiny after Chinese regulators pulled the plug on Ant’s record-breaking IPO in 2020.

Still, the company is finding new angles. Its international unit, headquartered in Singapore, brought in $3 billion in revenue so far this year and is now being prepped for a potential initial public offering.

The business is leaning hard into treasury services and cash flow management. One of its newer tools is an AI-powered assistant, launched just weeks ago. It pulled in 1 million users within days.

In the hardware corner, Ant introduced a humanoid robot that can offer basic medical consultations and even perform simple kitchen tasks. Alongside that, its healthcare app AQ crossed 140 million users as of September.

These efforts sit under a broader push to diversify away from Alipay, which once drove nearly everything Ant did.

Blockchain and cash optimization tools pull in clients

Ant International now offers a two-part system that helps companies manage money across countries. First is an algorithm trained on shipping costs, fuel prices, and weather, used to predict when and where cash will be needed.

Second is a blockchain messaging system that cuts out normal cross-border payment fees by helping banks reroute money in near real-time.

That combo is already in use by three airlines, according to Li, the general manager of Ant International’s platform tech unit. “The world of treasury is being disrupted as we speak, and it’s still early days,” Li said in a direct quote.

What they’re offering could cut idle cash by up to 60%, freeing up capital that can be used to invest or scale. It’s a boring part of fintech, but that’s why Ant likes it.

Andy Mok, senior research fellow at the Center for China and Globalization, called the strategy smart: “By scaling in a sector that’s obscure but indispensable, Ant could quietly capture meaningful market share before anyone notices. ‘Boring’ means less political heat, and ‘overlooked’ means more room to grow.”

The story goes back to 2016, when Li joined from Citigroup. At the time, Ant was already a heavyweight, worth about $60 billion and backed by Alibaba. In China, Alipay was so common that most vendors stopped asking for cash.

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