Investors will find much to cheer in the pitch Chinese fintech group Ant Financial made in its latest fundraising.
It underlines the sheer scale of the company, which controls over half China’s $16tn mobile payments market and is a force in wealth management, credit analysis as well as in lending to both households and small enterprises.
But there is plenty of sobering reading in the pitch, according to a summary seen by the FT and confirmed by investors. And they stem from Ant Financial’s domestic dominance as well as its soaring global ambitions — a combination that has proved so beguiling to investors in the top tech firms on both sides of the Atlantic.