Just how much is the world’s largest and fastest growing financial platform really worth?
The problem is there are two answers to the question, posed by an FT reader last week in response to Lex’s note on Ant Financial: fundamental value and what someone will actually pay for it.
The latter assessment has long held sway in China. So-called “red chips” — Chinese companies that few international investors will have heard of until they tapped the Hong Kong public markets for money — hit price to earnings multiples of 80 or 90 times before the Asian financial crisis hit in mid-1997. At the time, queues for listing prospectuses proved a far better measure of where the price would end on trading debut than actually reading the documents.
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