Alibaba Subsidiary Takes Majority Stake in Ant Group's Bank Macao In Strategic Move to Enhance Digital Payment Services
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 03 2024
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Source: Benzinga
AGTech Holdings Acquires Stake: AGTech Holdings has acquired a 51.5% stake in Ant Group's digital unit, Bank Macao, for $30.26 million, aiming to enhance synergy between their payment and banking services.
Alibaba's Financial Performance: Alibaba's stock has declined by 13% over the past year amid regulatory challenges, with recent fiscal results showing a 4% revenue growth but a 29% drop in net income; analysts maintain a positive outlook with an average price target of $106.45.
Analyst Views on GVIP
Wall Street analysts forecast GVIP stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for GVIP is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 159.360
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
