Alibaba's (BABA) - Get Alibaba Group Holding Ltd. Report shares have plummeted ever since Shanghai Stocks Exchange suspended Ant Group's IPO, which would have become the world's biggest IPO.
To make the matter worse for Jack Ma, founder of the company, several news media have reported that China has ordered the company to "return to its origins," which means it should focus only on its digital payment platform.
Alibaba is a household name, but for many, but Ant Group still sounds new. So, what exactly is Ant Group?
Well, Ant Group is a fintech giant and affiliate of Alibaba Group. The company was formerly known as Ant Financial.
While talking to Think Business, Ant Group’s Executive Chairman Eric Jing, said that the company got its name because ants represent “little guys, meaning ordinary individuals.”
Ant Group owns Alipay, the world's biggest digital payment platform. As per the company, Alipay has more than 1 billion users which easily dwarfs PayPal's (PYPL) - Get PayPal Holdings, Inc. Report 286 million users.
Besides online payment, the company also deals with insurance products, loans, microfinance services, wealth management and more.
Watch the video above to know more.
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