Given the plunge in Ant’s valuation, investors who sell their shares to Ant will likely get far less than they would have gotten in 2020. That was derailed by regulators who conducted an investigation into the firm and then fined it nearly $100 billion for violating laws and regulations in the payments sector. It allows shareholders to sell back up to 7.6% of their holdings at an unspecified price that values the company at 567.1 billion yuan ($78.8 billion).Īnt, which operates one of China’s leading mobile payments services Alipay, has seen its valuation fall nearly 70% from about $280 billion ($38.9 billion) at the time it was planning an IPO in 2020. HONG KONG (AP) - Chinese e-commerce giant Alibaba says it does not plan to sell any shares in its one-third shareholding in financial technology company Ant Group because it wants to retain its stake in an “important strategic partner.”Īlibaba Group Holdings said in a filing Sunday that it will not participate in Ant’s share buyback program.
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