Ant Group: Jack the giant-maker
By Lex@The Financial Times
Ant Group started small. Its name comes from its commitment to serve individuals and small businesses. But there is nothing modest about the Chinese fintech company's Hong Kong and Shanghai dual listing. Ant's IPO will be the biggest of the year - perhaps of all time.
The timing could not be better. Ant reported full-year revenues of more than Rmb120bn and net profit over $2.5bn last year. Profits in the first half of 2020 have exceeded the whole of 2019 at more than Rmb21bn.
So far, Ant has also managed to emerge relatively unscathed from the pandemic, even if its quest to become a global name has run into trouble. A large chunk of Ant's overseas business relies on the $127bn of annual Chinese tourist spending. That came to a halt as the pandemic deterred international travel. For the group as a whole, however, rising online spending will offset the decline.
At $200bn, Ant's valuation would be equal to about 25 times expected earnings, according to analyst forecasts, a discount to US rival Paypal's 48 times. Its payments business - which accounts for nearly two-thirds of China's $7tn market - could justify that valuation alone. Higher margin insurance and loans businesses are an extra boost.
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蚂蚁集团：马云缔造的巨头
一开始，蚂蚁集团的规模很小。自创立之初，它就致力于服务个人和小企业，这也是其名字的来源。但这家中国金融科技企业在沪港两地的同时上市却毫不低调。蚂蚁此次IPO将是今年最大规模的首次公开募股，且有可能创下历史记录。
此时上市，时机再好不过。去年，蚂蚁集团报出了超过1200亿元人民币的全年营收，且净利润逾25亿美元。2020年上半年，其利润已经超过了2019年的全年利润，达到了210亿元人民币。
到目前为止，蚂蚁集团成功地渡过了疫情的考验，并几乎未受影响。不过，它在成为全球品牌的路上还是遇到了一些阻碍。蚂蚁集团海外业务的一大部分有赖于中国游客每年1270亿美元的支出。由于疫情中断了海外旅游，这块业务也陷入了停滞。但对集团整体而言，在线消费的增长也会弥补这部分的下滑。
分析师推算，蚂蚁的估值如达到2000亿美元，将相当于该集团预期盈利的25倍左右。其美国竞争对手Paypal的这一比值为48倍，比蚂蚁高出不少。蚂蚁的支付业务约占中国7万亿美元市场的三分之二，该集团仅凭这项业务就可以证明目前的估值的合理性，其利润更高的保险和贷款业务也是令估值进一步提升的因素。

In recent years, stressed¬-out people living in cities have been seeking protection in green spaces for the proven positive impacts on physical and mental health，but the benefits of “blue spaces” —not only the sea and coastline, but also rivers, lakes, canals, waterfalls, even fountains—are less well advertised, yet the science has been consistent for at least a decade：being by water is good for the body and mind.
“Many of the processes are exactly the same as with green spaces—with some added benefits，” says Dr Mathew White, a senior lecturer at the University of Exeter.
White says there are three established pathways by which the presence of water is positively related to health and happiness.First, there are the beneficial environmental factors, such as less polluted air and more sunlight.Second, people who live by water tend to be more physically active.Third—and this is where blue spaces seem to have an advantage over other natural environments—water has a psychological recovery effect.“When you are sailing, surfing or swimming，” says White, “you're really in step with natural forces there.”
Catherine Kelly is a wellness practitioner who teaches classes in “mindfulness by the sea”．She says the sea has a quality that can make people thoughtful.
“To go to the sea means letting go，” says Kelly.“It could be lying on a beach or somebody handing you a cocktail.For somebody else, it could be a wild, empty coast.But there is this really human sense of：‘Oh, look，there's the sea’—and the shoulders drop.”
1．Why are blue spaces less popular than green spaces?
A．Because green spaces are good to people's health.
B．Because little research has been done on blue spaces.
C．Because green spaces have more benefits than blue spaces.
D．Because the benefits of green spaces are better advertised.
2．Where are blue spaces superior to other natural environments according to White?
A．Where there's water, there's fresh air.
B．People living near water are healthier.
C．Water can help people restore mental health.
D．The sea can make people lost in deep thought.
3．What can we learn from the last paragraph?
A．The sea will bring you loneliness.
B．The sea will hurt your shoulders.
C．The sea will put you at ease.
D．The sea will make you feel down.
4．What does the author mainly want to tell us?
A．People in cities prefer green spaces.
B．Blue spaces help both physically and mentally.
C．Green spaces have been out of date.
D．Ways to keep us healthy.

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