Jack Ma's Ant Group, which owns Alipay, had profits of around $3.5B in the six months to March, ahead of planned concurrent IPOs in HK and Shanghai (Stella Yifan Xie/Wall Street Journal)

Stella Yifan Xie / Wall Street Journal:
Jack Ma's Ant Group, which owns Alipay, had profits of around $3.5B in the six months to March, ahead of planned concurrent IPOs in HK and Shanghai  —  Results show how lucrative the Chinese financial-technology giant's business has been as it gears up for blockbuster offering