According to Qheedata AIEV, Alibaba group spin-off and online payment fintech Ant Financial currently overshadows all Chinese based tech unicorns with a colossal equity valuation of USD145.5 billion. This comes as no surprise, considering similar valuations put Ant Financial’s value at almost twice of that of Goldman Sachs.
Qheedata AIEV, a fintech that specializes in its own real-time online equity valuation model, made the reveal in its own valuation ranking of China’s largest tech unicorns. The second company on the list, mobile phone producer Xiaomi Inc., trails far behind at an equity valuation of only USD 66.62 billion. Across the pacific, investment banking giant Goldman Sachs was only valued at USD88 billion despite being publicly traded for much longer.
Initially known as China’s answer to PayPal, Ant Financial’s meteoric growth is attributable to its decision to support mobile payments in stores and restaurants, eliminating the use of cash for many of its 870 million active users. The sharp dive in cash usage is also palpable in the ubiquity of bank cards in the nation; with 7.03 billion cards issued in just the last year and with each Chinese resident owning 5 bank cards on average.