Inside Ant Group’s Giant Valuation: One Billion Alipay Users and Big Profit Margins – The Wall Street Journal

HONG KONG—Ant Group Co., the Chinese financial-technology giant controlled by billionaire Jack Ma, revealed how highly profitable its business has been as it gears up for what is likely to be a record-breaking initial public offering.

The owner of the popular payments and lifestyle app Alipay on Tuesday filed listing documents for IPOs on stock exchanges in Shanghai and Hong Kong, publicly disclosing for the first time detailed financial data showing the size and scale of its business.