Alibaba mulls selling shares to Ant for buyback as probe ends
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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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