Visa gets Beijing's green light for bank card business after 40 years of working with China

Impact · against what's priced in

Visa's approval to operate a domestic clearing business in China provides a concrete path toward the mid-teens revenue growth that the market currently rejects. While BABA and TCEHY face theoretical increased competition, the impact is negligible given the dominant position of mobile payments and the severe geopolitical risks already weighing on Alibaba's valuation.

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Challenges what's priced in

The price assumes