Ant Group on Saturday announced a share repurchase plan that values the fintech giant at 567.1 billion yuan ($78.54 billion), down from $315 billion when it tried to list in 2020, in a move that could allow some investors to exit after a lengthy regulatory overhaul of the firm.
The news came one day after Ant was fined $984 million, which should end a years-long regulatory shake-up of the company and mark a key step to concluding a crackdown on the country's internet sector.
Ant's major shareholders, Hangzhou Junhan Equity Investment Partnership and Hangzhou Junao Equity Investment Partnership, have voluntarily decided not to participate in the repurchase, the company added. "Any progress here not only benefits Alibaba, but is also good for the internet and fintech industries as a whole."
For the broader technology sector, Ant's fine marks a key step towards the conclusion of China's bruising crackdown on private enterprises, which began with the scrapping of Ant's IPO in late 2020 and subsequently wiped billions off the market value of several companies.
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