Ant's surprise share buyback values firm at steep 75% discount to IPO – Reuters

HONG KONG, July 8 (Reuters) – Ant Group on Saturday announced a surprise share buyback that values the fintech giant at $78.54 billion, well below the $315 billion touted in an abandoned IPO in 2020, in a move that may let some investors 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 said it had proposed to all of its shareholders to repurchase up to 7.6% of its equity interest at a price that represents a group valuation of approximately 567.1 billion yuan ($78.54 billion).

That represents a steep 75% discount to the $315 billion …

Read the full article at: https://www.reuters.com/technology/ants-share-repurchase-plan-values-firm-nearly-79-bln-2023-07-08/