Is it important to go on the market?

Core tip

For a long time, the Ant Group was in a state of "how lonely" on the track of fintech. Until more than a year ago, the listing of Achilles, which was listed on the market. Fatting the halo, what did the ants do in this year? 18 -year -old ant, do you need an adult gift?

Author | Wang?

Edit | Zhang Zirui

"Being on the market, numb!" On June 9th, Ant employee Li Jian told the Securities Regulatory Commission and Ant official statement to the WeChat friends group where he was, leaving this sentence.

Earlier, the Ant Group returned the news of restarting the IPO. The friends in the group transferred the "good news" to him and sent him "blessings".

On November 3, 2020, the ants were suspended when they were "lingering the door". In this year and a half, the financial technology unicorn, which once led the industry, basically "disappeared" on the stage on the stage central.

It can be returned to the public opinion attention center again, that is, the news of "restarting listing" again and again, but this news is even more confession, which has also attracted both the Securities Regulatory Commission and Ant Group.

Indeed, for a star company like Ant, it is "Achilles". Therefore, the outside world is also happy to go from various clues to see when the giant can get up from the place where they fall.

Recently, the Ant appointed Shi Meilun, the chairman of the board of directors of the Hong Kong Stock Exchange as an independent director, and was regarded by the market as an active signal of Ant's "listing to open".

Although the outside world is not tired, is it really important for the ants itself?

For more than this year, what did the "disappearing" ants do?

One and a half after the death of the market, ants appeared very few times in the market.

"Leopard Change" has combed this year, and the ants can only be "vocalized" twice:

Once on December 15, 2020, Jing Xiandong, chairman of Ant Group, delivered a speech at the "Fourth China Internet Finance Forum" in 2020, saying that the digital economy is entering the period of accelerated development. Financial technology practitioners need to think very much. How to truly do the topic of "finance for the people and technology to do good". This is the first time that the ant was suspended after listing.

Another time on June 1, 2022. After 18 months, the Ant released the 2021 Sustainable Development Report, and officially launched the four -in -one ESG sustainable development strategy of "digital inclusive", "green low -carbon", "scientific and technological innovation" and "open ecology". The official website redefined the "identity" -Internet open platform.

Of course, this is not difficult to understand, because most of the time, the main energy of ants is placed in compliance rectification, and according to the People's Bank of China, the CBRC, the CSRC, the CSRC, the Foreign Exchange Bureau, etc. on April 12, 2021 The content of the financial management department jointly interviewed, ants have clearly cut some core businesses-

In November 2021, the ants put the original consumer credit product "Huayan" and "Borrowing" for brand isolation. While re -establishing the brand positioning, it also clarified the loan responsibility party. "The overall scale; in December of the same year, closed the network mutual aid business" mutual treasure "; in April 2022, the online merchant bank was cut.

In terms of foreign investment, ants are constantly shrinking their investment maps.

In October 2021, the Ant completely "cleared the position" of the shares of the Caixin Media that was originally held; in January 2022, the holding holdings of Zhongan Insurance was about 46.5371 million shares, and the shareholding ratio dropped from 13.54%to 10.37%, and the shareholding held the shareholding. Both Tencent and Ping An of China, which are 10.2054%, are basically flat.

Judging from these rectifications, ants have moved "big surgery" on themselves. From the perspective of supervision on the requirements of its issues, for a long time in the future, compliance rectification may still be the top priority of the Internet giant.

A capital market person believes that there are four problems with ants to be solved at present:

First, Chongqing Ant Consumer Financial Co., Ltd., which holds 50%of Ant's shares, was suddenly pressed by the "suspension key" of 22 billion yuan in capital expansion.

Second, the Qiantang River Credit Route by the Ant has not obtained permission. Since the credit ratings are jointly participated by state -owned capital and private capital, the review will naturally be more cautious;

Third, the regulations of domestic more detailed financial holding companies have not yet been introduced, including capital requirements, data protection, data sharing, and related trading rules, and there are still no reference references.

Fourth, ants were required to reduce their consumer loan balance. From the perspective of valuation, once the credit business that best reflects Ant technology risk control capabilities will directly suppress the company's valuation level.

"The peeling of the core business and the drop in the pressure drop, the valuation of the ants will inevitably be reduced significantly with these changes." The environment has undergone tremendous changes. However, this kind of regulatory tightening does not specifically refer to Ant companies, including other Internet companies, gold instead companies, small loan companies, and even commercial banks, which are also applicable. "

The clouds are clear, and the employees no longer observe the listing

The most intuitive influence of ants is the ant employee holding options. On the night of the great joy and sorrow, the ant employees were a lot lighter to the market.

Recalling the internal atmosphere of the time when the listing was stopped, Li Jian, an old employee who had worked in Ant for more than five years, told "Leopard Change": "Many colleagues, including myself, are really like sitting. Once a roller coaster, the opportunity to advance at hand at hand has fallen into this way, so unwilling, more disappointed. "

"After the incident, it took a long time, everyone's emotions were very low, and the overall inside was very depressed. It may be that it was hopeless to go on the market. Some people started to leave the job. "Li Jian said," I am the one who stays. "

In Li Jian's view, the colleagues who left each have their own ideas, and the situation that everyone has to face is different, but the biggest reason he chose to stay is that he is still more optimistic about the future of ants: "Ant's ants There is a capital flow management tool for Alipay, and Ali's ecological advantages are concentrated in the supply chain customer. These are the two very strong weapons. Relying on these two major resources to extend business, the basic disk is still stable. "

Therefore, Li Jian has become a Buddhist department for whether it is listed: "The key is to do your own work at hand, and you are not so obsessed with the listing." This year, more trouble Li Jian is that the market is from time to time. The news of ants restarts the IPO. Every time he spends his energy to explain to his friends and relatives: "It is really listed and numb."

Chen Yang belongs to the wave of walking. He entered the ant in early 2020 and left a few months after the launch failed. However, he said that he was not leaving because the ants failed to go on the market, mainly because his job needs to travel frequently, which made him unbearable. So after balanced work, family, and life, he chose to leave the ant.

At present, there are still some ants' "options" in Chen Yang's hands: "Inside the company is P7 and P7, there will be equity incentives, but this is not called options. To be precise, it is called 'income right'. You can enjoy the dividend of the company. "

Chen Yang further explained that "Generally, this income right will be granted to employees in several cases: first, when the job is paid according to the level of the job, the quantity interval is similar to the online version; the second is the performance assessment. At the time of the performance, the number of employees is distributed; the third is to distribute with the promotion of employees. "

"For some time before, the rights in the hand of ants can be repurchased, but now they seem to be unable to repurchase. That is to say, if you want to get the right of income, you must wait for it." Chen Yang said, for him, for him In other words, this is just a "thought". The restarted IPO news from time to time has been "immune" to him.

In "Siege City", some people stay, and some leave. From the perspective of the city, in the eyes of practitioners, ants are still a financial technology company with "halo".

Najia voted for the Ant supply chain financial position a few years ago. At that time, she just left the Agricultural Bank of China and hoped to enter the head fintech enterprise to study and study because of various reasons to miss the opportunity.

She did not rejoice because the ants were listed on the market later. For the business value and market occupation of ants, she always thought that "has great advantages". Essence

Ant is 18 years old, do you need a "adult ceremony"?

In the exchange with ants, "Leopard Change" found that whether it is inside or outside, whether it is active or passive, everyone does not seem to be so entangled in whether the ants can go public, but slowly trace back to the ants. From Alipay, Ant Financial, to Ant Group's entire evolutionary process, the existence of social livelihood itself.

This evolutionary process directly restores the expansion of ant business boundaries, from payment to consumption, credit, supply chain to ecological opening and technical output; on the other hand For head enterprises, the premise of business development must be to embrace supervision.

In the past, the Ant Group has been diminishing its own financial attributes, and at the same time emphasizes the "texture" of science and technology. In the prospectus disclosed by Ant, there is an open letter from the chairman of the group Jing Xiandong. The beginning of this letter is--

"Dear investors, the Ant Group you are paying attention to, is not a financial company, nor is it not only a mobile payment company, but a determination to use the best technology and resources today to help banks and financial institutions better serve better service. Every consumer, every small and micro enterprise technology company. "

Earlier people in the industry believed that the weakened financial attributes of ants were to cater to regulatory intentions. After all, the domestic supervision of the financial industry is the highest level among many industries.

On the other hand, it is directly linked to the valuation. According to the value judgment of the capital market, the level of valuation and business expectations of technology companies will be much higher than financial companies. If ants are defined in accordance with scientific and technological innovation companies, they are expected to obtain higher valuations.

On June 1 this year, ants updated the "identity positioning" on the official website. In the latest statement, ants no longer emphasize technology companies or fintech companies, but position themselves as "Internet open platforms".

In the introduction of Ant update: "We use scientific and technological innovation to help partners and provide consumers and small and micro enterprises with inclusive and convenient digital life and digital financial services; continue to open products and technology to help enterprises' digital upgrades and collaborations ; Widely cooperated worldwide to serve local merchants and consumers to achieve "global receipts", "global payment" and "global exchange". "Then return to listing. Enterprises bring positive effects. The capital market is also accustomed to listed as a "adult ceremony" as an enterprise, but for any business institution, the "essence" of commercial value is always based on the satisfaction of market demand.

In particular, platform -type enterprises, their value embodiment is to match and meet the "bilateral demand" of the supply side and consumer side, while the market value and stock price are just a representation.

Alipay, which was born in 2004 in Ant Group. In the latest 2021 sustainable development report released by Aits, a "adult ceremony" summary of the 18 -year -old ant may be able to make an 18 -year -old ant.

As of the end of 2021, the Alipay open platform has opened more than 1,300 technical interfaces and plugins; more than 11,000 digital service providers have been active on the Alipay platform; the platform's merchants and service agencies have opened more than 3 million small programs.

Alipay cooperates with the construction of digital government affairs in various provinces and cities, with a total of more than 700 million users; the number of families using Alipay online payment services is 200 million+.

A total of about 170 capital management institutions in the country settled in Ant Wealth and served nearly 800 million investors.

Ant insurance serves 90 insurance institutions across the country, with a total of more than 600 million insured people, of which more than 55%are cities below the third line, and the agency guarantees about 1,000 models ...

In the face of these data that represents social value, this adult ceremony is not so important for an adult ant.

Is it not listed on the market? The ants are there.

(At the request of the interviewee, the article is a pseudonym in the text)

Do you think ant still needs to be listed?

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