Alibaba’s Co-Founder Lucy Peng to Get $5 Billion Richer on Ant IPO, , on October 28, 2020 at 4:08 pm

Financial News
By High West Capital Partners
On October 28, 2020
In Financial News
Tags:

(Bloomberg) — Lucy Peng has been dubbed Alibaba Group Holding Ltd.’s most influential woman.The co-founder of the e-commerce giant rarely speaks in public and is little known outside of China, but over the past two decades she’s played a key role guiding Jack Ma’s empire. Peng, 47, helped set up Alibaba’s human-resources department, was Ant Group Co.’s chief executive officer and is now executive chairwoman of Lazada Group SA, the Southeast Asian e-commerce platform.The former finance teacher is also emerging as one of the wealthiest people within the wildly successful Alibaba ecosystem and one of the richest women on the planet. Peng holds a 1.7% stake in Ant, the fintech firm that’s set to raise $34.5 billion in a dual listing in Shanghai and Hong Kong that could take its valuation to $320 billion. She’ll be worth about $5 billion, based on the pricing of the initial public offering, according to the Bloomberg Billionaires Index. Ant declined to comment on Peng’s wealth.“Jack famously considers women a key asset in his success; Lucy is the embodiment of that,” said Duncan Clark, author of “Alibaba: The House That Jack Ma Built” and chairman of investment consulting firm BDA China. “That’s why she’s been deployed on new ventures at critical moments of the company’s development. She’s been very focused on the key behind-the-scenes work, especially on human resources, and as such has earned and retained the trust of Jack.”Women represent almost 40% of Alibaba Partnership members, the elite group that has the power to determine the management’s annual cash bonuses. Along with Peng, six other female leaders are heading for billionaire status thanks to Ant’s record IPO, with a combined stake value of $14.5 billion. They include Trudy Dai, one of the 18 Alibaba co-founders and president of its business-to-business unit; Judy Tong, the e-commerce giant’s chief people officer; and Ant’s vice president, Yijie Peng.China has been the main engine for self-made female billionaires in recent years: Among the world’s 500 richest people, two-thirds of the 15 women who created their own fortunes are Chinese entrepreneurs, according to Bloomberg’s wealth index.Peng met Ma through her husband, Sun Tongyu, when they worked together at China Pages, a Yellow Pages-like online directory Ma set up before Alibaba. She was born in Chongqing in southwestern China, graduated from Zhejiang Gongshang University’s Hangzhou Institute of Commerce with a bachelor’s degree in business administration in 1994 and taught at a finance college for five years before joining Ma’s e-commerce venture, according to Alibaba’s prospectus in 2014.Peng served as chief people officer for most of her time at the e-commerce giant before taking the role of Alipay’s CEO in 2010 to improve the app’s payment process and user experience. The platform, owned by Ant, started in 2004 as an escrow service for buyers and sellers on Ma’s shopping site Taobao.com as it competed with EBay Inc. for market share in China.“Alibaba treasures talent, teams and culture from day one,” Peng said at a panel discussion at Stanford University in 2012, adding that about 30% of Alibaba leaders’ performance metrics are based on team management. “We set very detailed requirements for culture and values supported by systematic structure, and it is not just hollow words.”Ant’s ExpansionAfter Alibaba spun off Ant in 2011, the unit quickly acquired licenses and expanded into wealth management, consumer lending and insurance. With more than 1 billion users globally, the firm’s valuation has already surged eightfold over the past five years.Now Ant is about to sell shares in the world’s largest IPO, unlocking one of the greatest wealth-creation machines in history. Peng, who owns the biggest individual Ant stake after Ma, and Ma himself aren’t the only ones winning big. At least 17 other people are becoming billionaires from the listing, which has enticed retail and institutional investors alike. The was said to stop taking investor orders for the Hong Kong leg of the IPO a day earlier than planned because it was already heavily subscribed.Peng handed over Ant’s chairmanship to Eric Jing in 2018 to focus on Lazada, an e-commerce venture that Alibaba bought a stake for $1 billion in 2016 before increasing its investment over the years. Peng served as its CEO for nine months and remains its chairwoman.At Ant, Peng is again behind the scenes. She left the company’s board in August, and her name appears only seven times in the 674-page prospectus. Still, the behemoth listing and Ant’s rise mark the achievement of her goal from four years ago, when she said an IPO would give the firm an opportunity to tell its story and raise money for acquisitions.“Perhaps we should be better at letting everyone know what Ant actually does,” the then-executive chair of Ant said in a 2016 interview. “Payments is just the tip of the iceberg. What’s big is under the water.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.,

Alibaba’s Co-Founder Lucy Peng to Get $5 Billion Richer on Ant IPO(Bloomberg) — Lucy Peng has been dubbed Alibaba Group Holding Ltd.’s most influential woman.The co-founder of the e-commerce giant rarely speaks in public and is little known outside of China, but over the past two decades she’s played a key role guiding Jack Ma’s empire. Peng, 47, helped set up Alibaba’s human-resources department, was Ant Group Co.’s chief executive officer and is now executive chairwoman of Lazada Group SA, the Southeast Asian e-commerce platform.The former finance teacher is also emerging as one of the wealthiest people within the wildly successful Alibaba ecosystem and one of the richest women on the planet. Peng holds a 1.7% stake in Ant, the fintech firm that’s set to raise $34.5 billion in a dual listing in Shanghai and Hong Kong that could take its valuation to $320 billion. She’ll be worth about $5 billion, based on the pricing of the initial public offering, according to the Bloomberg Billionaires Index. Ant declined to comment on Peng’s wealth.“Jack famously considers women a key asset in his success; Lucy is the embodiment of that,” said Duncan Clark, author of “Alibaba: The House That Jack Ma Built” and chairman of investment consulting firm BDA China. “That’s why she’s been deployed on new ventures at critical moments of the company’s development. She’s been very focused on the key behind-the-scenes work, especially on human resources, and as such has earned and retained the trust of Jack.”Women represent almost 40% of Alibaba Partnership members, the elite group that has the power to determine the management’s annual cash bonuses. Along with Peng, six other female leaders are heading for billionaire status thanks to Ant’s record IPO, with a combined stake value of $14.5 billion. They include Trudy Dai, one of the 18 Alibaba co-founders and president of its business-to-business unit; Judy Tong, the e-commerce giant’s chief people officer; and Ant’s vice president, Yijie Peng.China has been the main engine for self-made female billionaires in recent years: Among the world’s 500 richest people, two-thirds of the 15 women who created their own fortunes are Chinese entrepreneurs, according to Bloomberg’s wealth index.Peng met Ma through her husband, Sun Tongyu, when they worked together at China Pages, a Yellow Pages-like online directory Ma set up before Alibaba. She was born in Chongqing in southwestern China, graduated from Zhejiang Gongshang University’s Hangzhou Institute of Commerce with a bachelor’s degree in business administration in 1994 and taught at a finance college for five years before joining Ma’s e-commerce venture, according to Alibaba’s prospectus in 2014.Peng served as chief people officer for most of her time at the e-commerce giant before taking the role of Alipay’s CEO in 2010 to improve the app’s payment process and user experience. The platform, owned by Ant, started in 2004 as an escrow service for buyers and sellers on Ma’s shopping site Taobao.com as it competed with EBay Inc. for market share in China.“Alibaba treasures talent, teams and culture from day one,” Peng said at a panel discussion at Stanford University in 2012, adding that about 30% of Alibaba leaders’ performance metrics are based on team management. “We set very detailed requirements for culture and values supported by systematic structure, and it is not just hollow words.”Ant’s ExpansionAfter Alibaba spun off Ant in 2011, the unit quickly acquired licenses and expanded into wealth management, consumer lending and insurance. With more than 1 billion users globally, the firm’s valuation has already surged eightfold over the past five years.Now Ant is about to sell shares in the world’s largest IPO, unlocking one of the greatest wealth-creation machines in history. Peng, who owns the biggest individual Ant stake after Ma, and Ma himself aren’t the only ones winning big. At least 17 other people are becoming billionaires from the listing, which has enticed retail and institutional investors alike. The was said to stop taking investor orders for the Hong Kong leg of the IPO a day earlier than planned because it was already heavily subscribed.Peng handed over Ant’s chairmanship to Eric Jing in 2018 to focus on Lazada, an e-commerce venture that Alibaba bought a stake for $1 billion in 2016 before increasing its investment over the years. Peng served as its CEO for nine months and remains its chairwoman.At Ant, Peng is again behind the scenes. She left the company’s board in August, and her name appears only seven times in the 674-page prospectus. Still, the behemoth listing and Ant’s rise mark the achievement of her goal from four years ago, when she said an IPO would give the firm an opportunity to tell its story and raise money for acquisitions.“Perhaps we should be better at letting everyone know what Ant actually does,” the then-executive chair of Ant said in a 2016 interview. “Payments is just the tip of the iceberg. What’s big is under the water.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

,

Instant Quote

Enter the Stock Symbol.

Select the Exchange.

Select the Type of Security.

Please enter your First Name.

Please enter your Last Name.

Please enter your phone number.

Please enter your Email Address.

Please enter or select the Total Number of Shares you own.

Please enter or select the Desired Loan Amount you are seeking.

Please select the Loan Purpose.

Please select if you are an Officer/Director.

High West Capital Partners, LLC may only offer certain information to persons who are “Accredited Investors” and/or “Qualified Clients” as those terms are defined under applicable Federal Securities Laws. In order to be an “Accredited Investor” and/or a “Qualified Client”, you must meet the criteria identified in ONE OR MORE of the following categories/paragraphs numbered 1-20 below.

High West Capital Partners, LLC cannot provide you with any information regarding its Loan Programs or Investment Products unless you meet one or more of the following criteria. Furthermore, Foreign nationals who may be exempt from qualifying as a U.S. Accredited Investor are still required to meet the established criteria, in accordance with High West Capital Partners, LLC’s internal lending policies. High West Capital Partners, LLC will not provide information or lend to any individual and/or entity that does not meet one or more of the following criteria:

1) Individual with Net Worth in excess of $1.0 million. A natural person (not an entity) whose net worth, or joint net worth with his or her spouse, at the time of purchase exceeds $1,000,000 USD. (In calculating net worth, you may include your equity in personal property and real estate, including your principal residence, cash, short-term investments, stock and securities. Your inclusion of equity in personal property and real estate should be based on the fair market value of such property less debt secured by such property.)

2) Individual with $200,000 individual Annual Income. A natural person (not an entity) who had individual income of more than $200,000 in each of the preceding two calendar years, and has a reasonable expectation of reaching the same income level in the current year.

3) Individual with $300,000 Joint Annual Income. A natural person (not an entity) who had joint income with his or her spouse in excess of $300,000 in each of the preceding two calendar years, and has a reasonable expectation of reaching the same income level in the current year.

4) Corporations or Partnerships. A corporation, partnership, or similar entity that has in excess of $5 million of assets and was not formed for the specific purpose of acquiring an interest in the Corporation or Partnership.

5) Revocable Trust. A trust that is revocable by its grantors and each of whose grantors is an Accredited Investor as defined in one or more of the other categories/paragraphs numbered herein.

6) Irrevocable Trust. A trust (other than an ERISA plan) that (a)is not revocable by its grantors, (b) has in excess of $5 million of assets, (c) was not formed for the specific purpose of acquiring an interest, and (d) is directed by a person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of an investment in the Trust.

7) IRA or Similar Benefit Plan. An IRA, Keogh or similar benefit plan that covers only a single natural person who is an Accredited Investor, as defined in one or more of the other categories/paragraphs numbered herein.

8) Participant-Directed Employee Benefit Plan Account. A participant-directed employee benefit plan investing at the direction of, and for the account of, a participant who is an Accredited Investor, as that term is defined in one or more of the other categories/paragraphs numbered herein.

9) Other ERISA Plan. An employee benefit plan within the meaning of Title I of the ERISA Act other than a participant-directed plan with total assets in excess of $5 million or for which investment decisions (including the decision to purchase an interest) are made by a bank, registered investment adviser, savings and loan association, or insurance company.

10) Government Benefit Plan. A plan established and maintained by a state, municipality, or any agency of a state or municipality, for the benefit of its employees, with total assets in excess of $5 million.

11) Non-Profit Entity. An organization described in Section 501(c)(3) of the Internal Revenue Code, as amended, with total assets in excess of $5 million (including endowment, annuity and life income funds), as shown by the organization’s most recent audited financial statements.

12) A bank, as defined in Section 3(a)(2) of the Securities Act (whether acting for its own account or in a fiduciary capacity).

13) A savings and loan association or similar institution, as defined in Section 3(a)(5)(A) of the Securities Act (whether acting for its own account or in a fiduciary capacity).

14) A broker-dealer registered under the Exchange Act.

15) An insurance company, as defined in Section 2(13) of the Securities Act.

16) A “business development company,” as defined in Section 2(a)(48) of the Investment Company Act.

17) A small business investment company licensed under Section 301 (c) or (d) of the Small Business Investment Act of 1958.

18) A “private business development company” as defined in Section 202(a)(22) of the Advisers Act.

19) Executive Officer or Director. A natural person who is an executive officer, director or general partner of the Partnership or the General Partner, and is an Accredited Investor as that term is defined in one or more of the categories/paragraphs numbered herein.

20) Entity Owned Entirely By Accredited Investors. A corporation, partnership, private investment company or similar entity each of whose equity owners is a natural person who is an Accredited Investor, as that term is defined in one or more of the categories/paragraphs numbered herein.

Please read the notice above and check the box below to continue.

Singapore

+65 3105 1295

Taiwan

Coming Soon!

Hong Kong

R91, 3rd Floor,
Eton Tower, 8 Hysan Ave.
Causeway Bay, Hong Kong
+852 3002 4462

Follow Us

Market Coverage