BDA-老虎基金金融产品服务市场案例研究-EN-2015 02 12.pptx

StudyonFinancialProductsFeb12nd,2015ForTigerGlobal?BDA2015

2TableofContentsMoneyMarketFundAlipayP2PPlatformLowRiskProductsHighRiskProducts

AntFinancialGrouppartiallyheldbyAlibabaGroupmainlyconsistsofAlipay,AliMicroLoans,andZhaoCaiBao;BDAexpectsgreatgrowthovertheyearsinAli’sspecificMMFproduct,YuErBao3AlipayThird-partyPaymentYuErBao(Moneymarketfund,MMF)AliMicroLoansLoansforTaobaoMerchants,AlibabaB2BMerchantsandTaobaoConsumersZhaoCaiBaoPrimaryandsecondarytradingofWealthManagementProducts(WMP)AntFinancialGroupSource:CompanyIndo,BDAinterviewsandanalysisTheAlibabaGroupwillown33%ofsharesafterAntFinancialGroup’sownershiprestructuringAliFinance’sCurrentInitiativesGrowthPotentialofAliFinance’sCurrentBusinessLines035201312023ZhaoCaiBaoAliMicroLoanAlipay-MMFAlipay-Payment2018E49110112014E19Unit:USDBNRevenue1ProjectionofAntFinancialGroupNote:1.ItmeasuresthenetrevenueofAntFinancialGroupratherthanitsGMV

Alipay’srevenueisexpectedtoreachUSD6BNin2018;MoneyMarketFundwillcontribute28%oftotalrevenueby2018,representinga22%CAGR…4MoneyMarketFundPayment2018E1,505

(28%)CAGR:+24%6,1071,696

(28%)4,411

(72%)2017E5,2973,792

(72%)2016E4,3411,276

(29%)3,065

(71%)2015E3,4311,023

(30%)2,408

(70%)2014E2,591760

(29%)1,831

(71%)20131,646412

(25%)1,234

(75%)RevenueofAlipay(2013-2018E)Unit:USDMN25%22%Source:BDAinterviewsandanalysisCAGR(2014E-2018E)

…whilethegrossprofitofAlipayisexpectedtoreachUSD3BNin2018,contributedbyMMFproductwithUSD1BN5CAGR:+27%MoneyMarketFundPayment2018E3,3641,090

(32%)2,274

(68%)2017E2,853968

(34%)1,886

(66%)2016E2,305820

(36%)1,485

(64%)2015E1,787658

(37%)1,130

(63%)2014E1,313489

(37%)824

(63%)2013805265

(33%)540

(67%)GrossProfitofAlipayUnit:USDMN29%22%Source:BDAinterviewsandanalysisCAGR(2014E-2018E)

China’sMMFmarketwillkeepgrowingataCAGRof30%andexceedUSD480MN