Blockchain Developer Ant Financial Ranks Fifth Largest Private Firm in China
Marie Huillet's original article for cointelegraph.com reduced by 76%
Fintech and blockchain developer Ant Financial, an affiliate of e-commerce giant Alibaba, has been ranked the fifth most valuable private firm in China. In an inaugural rankings report by Hurun, which is best known for compiling a rich list for China, Ant Financial is the top firm in its field and fifth largest in a ranking of all firms across industries. Published on Jan.
9, the report reveals that Ant Financial has hit a market valuation of $143 billion, based on a closing price from Nov. 29, 2019. Alibaba ranked top of all private enterprises in the country, at a valuation of $545 billion, followed by WeChat operator Tencent Holdings, at $408 billion, and Ping An Insurance, at $215 billion.
Notably, both China's most valuable private firm, Alibaba, and its financial affiliate Ant Financial, have a strong involvement in the blockchain industry: in 2018 Alibaba had vied with IBM the top spot on a list ranking global entities by the number of blockchain-related patents filed to date. Ant Financial, for its part, is poised to release an enterprise-focused "Ant Blockchain Open Alliance" platform this month, which aims to enable small-scale and micro-enterprises and developers to enter the industry at a lower cost. As the Alibaba-owned English-language newspaper South China Morning Post notes in a report on Harun's data, Alibaba - were it categorized as an economic entity by the IMF - would be ranked as the 10th largest gross domestic product globally, outstripping Canada.
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