That's the conclusion of Elinor Leung, the head of telecom and Internet research at CLSA in Hong Kong. The number may not even sound that outlandish: Ant Financial, Alipay's parent company, was valued at about $60 billion in June when it raised $4.5 billion, people familiar with the matter said at the time.
Leung estimates that most of Ant Financial's value is in Alipay, China's most popular online payment service, with a projected worth of $50 billion. Its micro loans service is probably worth another $8 billion, while Ant's wealth management unit is given a valuation of $7 billion. The rest of Ant Financial's valuation comes from investments and cash on hand, outstripping Goldman's roughly $70 billion market value as of Monday..
"Alipay has a very strong leadership in terms of online payment ecosystem," Leung said. "Alipay is not just for payment." It is also a "big distribution platform for Ant Financial's other products."
The company could grow to $100 billion in two years, as the current valuation doesn't include growth brought in by insurance, credit scoring and cloud computing, Leung said.
© 2016 Bloomberg L.P.
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