Alibaba mulls selling shares to Ant for buyback as probe ends
ALIBABA Group Holding is considering selling shares to Ant Group as part of the fintech company’s planned buyback after financial regulators wrapped a nearly three-year probe into the financial technology company.
Alibaba, which owns about a third of Ant, said in a stock exchange filing in Hong Kong that it received notice of the Ant share buyback programme at a valuation of 567.1 billion yuan (S$106 billion).
On Saturday (Jul 8), Ant proposed to buy back as much as 7.6 per cent of shares in an effort to provide a chance to cut stakes for investors ensnared by a years-long regulatory crackdown at the fintech powerhouse.
The planned share repurchase would value the company at almost 70 per cent less than its US$280 billion market capitalisation in 2020. BLOOMBERG
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