Core Viewpoint - Ant Group plans to separately list its overseas segment, Ant International, registered in Singapore, on the Hong Kong stock exchange, with no current policy obstacles reported in discussions with regulatory authorities [1] Group 1: Company Overview - Ant International's core products include Alipay+, Antom, and WorldFirst, which cover C-end payment, B-end acquiring, and B2B cross-border payment services [1] - Ant International's revenue accounts for approximately 20% of Ant Group's total revenue [1]

J P M O R G A N Asia Pacific Equity Research 27 April 2025 Futu Holdings Our thoughts on Ant Group set to take control of a retail broker in HK Futu's share price fell 6.4% on Friday (vs. KWEB index -0.2%), following the news that Ant Group is acquiring 50.55% stake in Bright Smart Securities (耀才 證券), a retail broker in HK (link). For details about Bright Smart Securities and comparison with Futu, please refer to Table 1Comparisn betwBrigh Smartnd Fuand Table 2Sumary ofkeprating dforFut andBright Smarecuits ...

Core Viewpoint - The acquisition of Yao Cai Securities by Ant Group's subsidiary, Shanghai Yun Jin, is expected to significantly enhance the company's growth and digital transformation, positioning it as a leading trading platform backed by advanced technology [1][6]. Group 1: Acquisition Details - Ant Group's subsidiary, Shanghai Yun Jin, plans to acquire approximately 858 million shares of Yao Cai Securities at a price of HKD 3.28 per share, totaling HKD 28.14 billion, which represents a 17.6% premium over the last trading price before suspension [3][4]. - The acquisition will result in a change of ownership for Yao Cai Securities, as the shares represent about 50.55% of the total issued shares [3][4]. Group 2: Company Background - Yao Cai Securities was founded in 1995 by Ye Maolin and primarily engages in stock trading, margin financing, securities custody, futures and options trading, leveraged foreign exchange trading, and spot gold and silver trading [4][5]. - The company has a history of offering low commission rates, having reduced its commission from 0.25% to 0.05% in 2003, which contributed to its rapid growth [5]. Group 3: Financial Performance - For the fiscal years 2022 to 2024, Yao Cai Securities reported total revenues of HKD 10.14 billion, HKD 10.50 billion, and HKD 11.21 billion, with year-on-year changes of -19.96%, -4.05%, and 3.09% respectively [5]. - The net profit attributable to shareholders for the same period was HKD 4.55 billion, HKD 5.43 billion, and HKD 5.06 billion, with year-on-year changes of -20.23%, 10.53%, and -9.95% respectively [5]. Group 4: Strategic Implications - The acquisition is expected to drive future business growth for Yao Cai Securities, enhance its digital transformation, and expand its service offerings to a broader customer base [6]. - Ant Group aims to leverage this acquisition to fill regulatory gaps in cross-border financial services and strengthen its position in the global financial services market [6].

Core Insights - Ant Group's subsidiary OceanBase has announced a new AI strategy led by CTO Yang Chuanhui, who will take the lead position in this initiative [1] - The establishment of a new AI Platform and Application Department, along with an AI Engine Group, aims to enhance the development and application of the "DATA×AI" platform [1] - OceanBase CEO Yang Bing revealed that the AI strategy has received full support from Ant Group, which will open all AI scenarios to OceanBase [1]

Core Insights - Ant Group has announced a profit distribution plan, continuing its trend of stable dividends, reflecting strong operational performance and financial health [2][3] - The company emphasizes its commitment to technology-driven growth, with a focus on AI and innovation, aiming to create greater value for customers and long-term returns for shareholders [2][3] Financial Performance - The recent dividend distribution is based on the company's operational results from the past year, with a notable increase in AI investments and accelerated growth in innovative businesses [2] - Ant Group has maintained a high level of R&D investment, with over 10% of revenue allocated to research and development for the past three years [3] Talent Acquisition and Development - Ant Group has launched "Plan A," a special initiative to recruit top AI researchers from leading global universities, aiming to cultivate the next generation of technology leaders [3][4] - The recruitment initiative targets candidates with backgrounds in computer science, software engineering, AI, and other relevant fields, emphasizing traits such as ambition, adaptability, altruism, and analytical skills [4][7] Strategic Initiatives - The company is committed to its "AI First" strategy, exploring AGI and promoting large model applications in various sectors, including healthcare and wealth management [2][3] - Ant Group's "Plan A" initiative is part of a broader strategy to attract elite research talent, similar to programs from other tech giants, offering customized training paths and extensive research resources [7]

蚂蚁集团：稳健经营持续分红，连续三年研发投入占营收比重超10% 金十数据4月25日讯，蚂蚁集团于近期召开股东大会，审议通过了利润分配议案。根据方案，蚂蚁集团 将向全体股东分红，持有股权激励工具的员工也将享有分红对应的经济利益。在持续提升股东回报的同 时，蚂蚁集团过去三年也保持了高强度的科研投入，每年研发投入占营收的比重都高于10%，系统性布 局人工智能和数据要素核心技术。 （新浪科技） ...

4月25日，蚂蚁集团宣布推出"Plan A"AI人才专项计划，面向全球一流高校招募顶尖AI硕博毕业生，以 加强在AGI(通用人工智能)领域的研发投入。首场招募宣讲会在新加坡ICLR2025峰会现场举办。蚂蚁集 团CTO何征宇在会上表示，蚂蚁将坚定投入AGI技术，跟行业一起解决AI普惠的问题。世界级的难题需 要世界级的人才，对于顶级人才我们只有plan A，没有plan B。(经济观察网) ...

Core Insights - "Alipay Touch" has rapidly gained traction since its launch, achieving over 100 million users in just 321 days, with a significant portion being young individuals under 30 years old [2][3] - The service has expanded to over 400 cities and integrated with more than 5,000 brands and millions of merchants, offering around 300 different application scenarios beyond payment, such as dining, door access, and bike rentals [2][3] - Ant Group plans to invest billions to enhance the "Touch" ecosystem, aiming to boost user experience and support the growth of partner businesses [2] Group 1 - "Alipay Touch" was launched in June 2024, allowing users to make payments without opening the app, streamlining the payment process [3] - The service has been well-received by various user groups, including young people, overseas tourists, and visually impaired individuals, demonstrating its versatility and efficiency in digital business operations [3] - "Alipay Touch" has introduced 17 products for different scenarios, with over 5,000 brands and millions of stores providing the service [3] Group 2 - A new proprietary chip developed by Fudan Microelectronics and Alipay is set to be mass-produced in the second half of the year, enhancing the functionality and reliability of "Alipay Touch" [4] - The new chip is designed to operate effectively in extreme temperatures and is compatible with all smartphones, indicating a significant technological advancement [4] - The development of this chip supports the scaling of "Alipay Touch" across the country, fostering innovation in consumer life scenarios [4]

Core Insights - Shanghai Jiao Tong University School of Medicine's Renji Hospital has announced its collaboration with Ant Group to develop the country's first AI-powered urology specialist system [1] - The AI system utilizes a standardized dataset of 97.6% disease spectrum cases from Renji Hospital, along with disease knowledge graphs authored by over 20 specialist doctors [1] - This initiative combines the diagnostic logic of top-tier hospitals with advanced AI technology [1]