BDA-老虎基金阿里巴巴蚂蚁金服业务研究报告EN-2015 12 31.pptx

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BDA-老虎基金阿里巴巴蚂蚁金服业务研究报告EN-2015 12 31.pptx

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BDAReportonAntFinancialDecember31,2015ForTigerGlobalManagement?BDA2015

2TableofContentsExecutiveSummaryAntFinancial’sCoreBusinessesAlipayAntMicroLoanAntFortuneAntFinancial’sEmergingBusinessesZhongAnInsurance

ExecutiveSummary(1/8):AntFinancialcoversvarioustypesoffinancialservicesthroughitsownbusinesslinessuchasAlipay,AntMicroLoanandAntFortune,aswellasitsjoint-stockcompany,ZhongAnInsurance3Self-OwnedBusinessesJoint-StockCompanyAlipayAntMicroLoanAntFortuneEmergingBusinessesBusinessTypeLaunchTimeProductOnlinepaymentplatformMoneymarketfundCreditloantoTaobao/TmallorAlibabaB2BmerchantsNon-cashcreditLoantoconsumersFixedincomewealthmanagementproductsPublicfundsalesIndividualcreditsystemFinancialcloudservice(PaaS)Propertyinsurancesuchasmotorinsuranceandtravelinsurance,etc.LifeinsuranceproductsAlipay(Payment)YuErBaoAntMicroLoanHuaBeiZhaoCaiBaoAntFortunePublicFundSesameCreditAntFinancialCloudPropertyInsuranceLifeInsuranceBusinessLinesCashcreditloantoconsumersJieBeiSource:CompanyInfo,BDAresearchandanalysisDec.2004ZhongAnInsuranceJun.2013Early2014Aug.2015Apr.2014Jan.2015Apr.2015Apr.2015Nov.2013Sep.2013N/A

ExecutiveSummary(2/8):Foritsowncorebusinesses,webelievethattheaddressableonlinemarketsarehuge,especiallyfortheAlipaybusiness4AlipayAntMicroLoanAntFortuneAlipay(Payment)YuErBaoAntMicroLoan(ToMerchant)HuaBeiZhaoCaiBaoAntFortunePublicFundTotalMarketSize(RMBTN)OnlinePenetration91+13%2591085+12%209732+14%N/A144+20%232+9%+17%2022201415%8%7%60%39%36%201410%20%2015E2022F5%N/A(OnlyavailabletomerchantwithinAlibaba’secosystem,thustheaddressablemarketisalreadytheonlinemarket)N/A(OnlyavailableintransactionsscenariosthroughAlipay,thustheaddressablemarketisalreadytheonlinemarket)N/A(OnlyavailabletoYuErBaousers,thustheaddressablemarketisalreadytheonlinemark