Finance
The Chinese Powerhouse That Scares Banks—and Wants to Make Them Customers
Ant Financial dwarfs Goldman and Morgan Stanley in valuation but sees its future in catering to lenders, not vanquishing them.
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Eric Jing, chief executive officer of Ant Financial, gathered his management team in between meetings at the Chinese financial conglomerate’s Hangzhou headquarters on June 6. The company had just closed a $14 billion funding round, one of the largest in history, and Jing was ready to celebrate.
Sort of. “Let’s raise our tea cups and have a simple toast,” he said, before quickly bringing an end to the festivities. “This will be the entirety of our celebration.” Jing, who took the helm of Jack Ma’s Alibaba Group Holding Ltd. spinoff in 2016, was telling his troops to be humble. But the episode also underscored the tough road ahead for Ant as it embarks on a major strategic shift.