Ant Group, formerly known as Ant Financial and Alipay, is an affiliate company of the Chinese Alibaba Group. Ant Financial is the world’s highest-valued FinTech company, and most valuable unicorn (start-up) company, with a valuation of US$150 billion.
In March 2019, The Wall Street Journal reported that Ant’s flagship Tianhong Yu’e Bao money-market fund was the biggest in the world, with over 588 million users of Ant’s mobile payments network Alipay contributing, more than a third of China’s population.
Alibaba stocks also benefited from the company’s entertainment sector that saw a huge demand during the pandemic as more people stayed at home to prevent the spread of the virus.
The FAANG stocks may also benefit from the incoming administration that may stall agreement on the antitrust and the break-up threats on some of the top US tech companies.
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