Ant Group's profit surged more than 50 times, driven by investment gains, contributing 4.49 billion yuan to Alibaba (HKG:9988), which logged an estimated 13.6 billion profit for the quarter ended Sept. 30, 2024, Bloomberg News reported Thursday.
The surge stemmed from a net investment gain, reversing losses from the previous year, as well as strong revenue growth, signaling a rebound in its commerce business and AI expansion, according to the report.
China's tech sector is seeing renewed optimism after President Xi Jinping met with top entrepreneurs, including Ant Group founder Jack Ma, Bloomberg wrote.
Meanwhile, Ant is advancing AI efforts, developing a humanoid robotics unit and launching digital services within its Alipay app. The company also restructured key units to prepare for potential spinoffs.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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