Ant Group’s international arm, backed by Jack Ma, generated nearly $3 billion in revenue in 2024, according to sources familiar with the matter, positioning the unit for a potential IPO following the establishment of its own board last year.
Headquartered in Singapore, Ant International has now delivered two consecutive years of adjusted profit. While it’s unclear how the company defines adjusted EBITDA, the metric usually excludes non-recurring or restructuring costs.
The parent company, Ant Group, which owns Alipay, saw profits jump 61% to $5.3 billion in 2024, based on filings from affiliate Alibaba. Ant didn’t disclose its full revenue or respond to Bloomberg’s request for comment.
Expanding Overseas
Ant International has grown from supporting Chinese tourists abroad to building Alipay+, a cross-border payments network. It now connects 1.7 billion users across 36 digital wallets, enabling services like:
- GCash (Philippines) users paying in South Korea
- Seamless payments through Alipay+ wherever supported
Its other core offerings include:
- Antom (merchant payments)
- WorldFirst (cross-border trade payments)
- Embedded Finance (AI-driven lending and treasury services)
Valuation and IPO Potential
According to Bloomberg Intelligence, if Ant International lists in Hong Kong, it could be valued at $8 billion to $24 billion, depending on its share of group profits and total group valuation (estimated between $40B–$119B).
Strategic Shift Post-IPO Collapse
Ant has undergone structural reforms after regulators blocked its record-setting 2020 IPO. In 2023, it launched a share buyback that slashed its valuation to $79 billion, far from its $280 billion peak.
It also established independent boards for key units like Ant International, OceanBase, and Ant Digital Technologies. A Hong Kong-only IPO is now more likely than the dual listing once planned for Shanghai and Hong Kong.