Jack Ma’s Ant Group Posts $3.5 Billion Profit in Six Months Ahead of IPO

HONG KONG—Ant Group Co., the Chinese financial-technology giant backed by billionaire Jack Ma, earned roughly $3.5 billion over a recent six-month period, showing how lucrative the company’s business has been as it gears up for a blockbuster initial public offering. Financial results released Thursday by Alibaba Group Holding Ltd., which owns a 33% stake in Ant, showed that the soon-to-be-listed company posted a profit of about 9.2 billion yuan ($1.3 billion) in the three months to March, and around 15.5 billion yuan ($2.2…


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