From Breakingviews - Alibaba exit is first remedy for Paytm’s woes
its first adjusted operating profit in the quarter ended December, nine months ahead of schedule. The move makes sense for Alibaba, though Paytm’s other Chinese backer, Ant, may find it harder to cash out.
Paytm’s languishing stock is up over 27% in four days following the better-than-expected quarterly numbers. That allowed Alibaba’s Singapore arm to exit the company atWith one major Chinese backer out of the picture, that should help Paytm’s prospects of getting a banking licence. Ant, though, still owns around a quarter of Paytm, having invested at
per share. That implies Paytm’s stock still has a steep climb before the Chinese payments group may be willing to sell.
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