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MarketScreener Homepage  >  Equities  >  Saudi Arabian Stock Exchange  >  Saudi Arabian Oil Company    2222   SA14TG012N13

SAUDI ARABIAN OIL COMPANY

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Ant launches blockchain-based cross-border trade platform ahead of $35 bln IPO

09/25/2020 | 02:27am EST

SHANGHAI, Sept 25 (Reuters) - Ant Group, owner of China's ubiquitous mobile payment app Alipay, launched a blockchain-powered platform for cross-border trade settlements on Friday, as it races to launch more technology products ahead of its blockbuster IPO.

The 16-year-old giant, backed by e-commerce conglomerate Alibaba Group Holding Ltd , plans to list simultaneously in Hong Kong and on Shanghai's tech-heavy STAR Market next month, in what could be the world's largest initial public offering (IPO) - surpassing oil giant Saudi Aramco's $29.4 billion float last December.

Ant is seeking to raise about $35 billion in the dual IPO after assessing early investor interest and based on a higher valuation of about $250 billion or more, Reuters has reported.

Ant was previously known as Ant Financial but changed its name this year to rebrand itself more as a tech firm rather than a provider of financial technology due to tighter financial regulations.

Its new platform "Trusple", a contraction of "trust made simple", is based on the company's blockchain technology Antchain.

Buyers and sellers can upload trading orders to the platform, which automatically generates a smart contract with information such as logistics. The banks of both buyers and sellers can then process payments using Antchain, Ant said.

Users of the platform could, for example, include vendors that sell to other businesses via marketplaces such as AliExpress, Alibaba's overseas e-commerce site.

Ant has submitted the most number of blockchain patent applications globally over the past two years, according to patent database IncoPat.

The technology, a digital ledger that forms the backbone of many crypto-currencies such as bitcoin, has seen a burst of interest in China since late 2019 when President Xi Jinping said the country should accelerate its development. (Reporting by Yingzhi Yang and Brenda Goh; Additional reporting by Cheng Leng; Editing by Christopher Cushing)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BITCOIN - EURO -0.16% 16004.315 Real-time Quote.145.25%
LONDON BRENT OIL 1.87% 49.7 Delayed Quote.-28.42%
SAUDI ARABIAN OIL COMPANY -0.14% 35.85 End-of-day quote.1.70%
WTI 1.84% 46.52 Delayed Quote.-28.04%
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Financials
Sales 2020 816 B 218 B 218 B
Net income 2020 203 B 54 110 M 54 110 M
Net Debt 2020 318 B 84 741 M 84 741 M
P/E ratio 2020 36,0x
Yield 2020 3,85%
Capitalization 7 166 B 1 910 B 1 910 B
EV / Sales 2020 9,17x
EV / Sales 2021 6,92x
Nbr of Employees 79 000
Free-Float 1,76%
Chart SAUDI ARABIAN OIL COMPANY
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Saudi Arabian Oil Company Technical Analysis Chart | 2222 | SA14TG012N13 | MarketScreener
Technical analysis trends SAUDI ARABIAN OIL COMPANY
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 16
Average target price 32,47 SAR
Last Close Price 35,85 SAR
Spread / Highest target 8,79%
Spread / Average Target -9,43%
Spread / Lowest Target -33,1%
EPS Revisions
Managers
NameTitle
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Yasir bin Othman Al-Rumayyan Chairman
Khalid H. Al-Dabbagh Senior VP-Finance, Strategy & Development
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Mark Moody-Stuart Independent Non-Executive Director
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