“While mainland China remains core, I wouldn’t underestimate the potential upside of their international endeavors.” “If you miss this one, you don’t know when the next one comes.”Robert Kapito, co-founder of U.S. asset manager BlackRock, this week described himself as “shocked” at Ant’s likely valuation but many analysts are not blinking.HONG KONG (Reuters) - Ant Financial’s rapid climb to become the world’s biggest super unicorn valued by some investors at around $150 billion showcases investor enthusiasm for the biggest Chinese tech companies and also how quickly valuations can shift. Ant can find global investors and hard currency in the former, and higher valuations in the latter.The reaction from both sides is telling. That helped investors and analysts tweak their financial models.“These things that Ant is doing are quite innovative and new. That’s important for Ant’s foreign backers, including U.S. private equity firms Carlyle and Warburg Pincus, which need offshore exits.Reuters Breakingviews is the world's leading source of agenda-setting financial insight. Wages £2.837bn – 59% of turnover. Jack Ma’s fintech champion wants to simultaneously list in Hong Kong and on Shanghai’s hot new STAR board. Profit and loss 13 clubs made a profit; seven made a loss: £465m profit made overall. Capital controls and other restrictions in the People’s Republic mean Hong Kong remains the only place in China where local companies can raise hard currency and tap overseas demand. Turnover £4.827bn (up from £4.5bn in 2016-17). A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Yet as Beijing tightens its political grip over Hong Kong, it is freeing up mainland bourses to compete with it financially. Just two months ago, bankers and investors were tentatively talking of a figure closer to $100 billion.Ant, expected to go public in the next two years, has vowed to reach 2 billion users worldwide in the next decade and it has been investing overseas, buying a stake in Indian payment firm Paytm and Thai financial technology firm Ascend Money, among others.Beijing also has a history of unexpected rule changes which can derail business plans. In summary, 2018 was another year of delivering on our commitments and continued progress. “It’s hard to analyze their value.”Based on traditional price-earnings measures, $150 billion implies a price 71 times Ant’s 2017 pre-tax profits or 85 times its net profits, assuming a tax rate of 16 per cent - the average paid by Alibaba in recent years. Ant Financial's rapid climb to become the world's biggest super unicorn valued by some investors at around $150 billion showcases investor enthusiasm for the … The STAR market, although small and volatile, is attracting stable anchor tenants including China’s top contract chipmaker, dual-listed Semiconductor Manufacturing International,, which raised nearly $7 billion last week in the mainland’s largest offering in a decade.At first glance, the former British colony is a clear leader: It already boasts over 2,000 companies including tech heavyweight Tencent, which together are worth some $5 trillion in market value.
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