Alibaba considers selling shares to Ant as probe ends

Alex Omenye
Alex Omenye

Alibaba Group Holding Ltd. is considering selling shares to Ant Group Company as part of the fintech company’s planned buyback.

This follows the conclusion of a nearly three-year investigation by financial regulators into the financial technology business.

In a stock exchange statement in Hong Kong, Alibaba, which owns nearly a third of Ant, stated that it has been informed of the Ant share buyback programme at a valuation of 567.1 billion yuan ($78.5 billion).

In an effort to provide investors the option to reduce their interests after being caught up in the fintech powerhouse’s years-long regulatory crackdown, Ant planned to buy back up to 7.6% of shares on Saturday.

By repurchasing shares, the company’s worth would be close to 70% lower than its $280 billion market capitalization in 2020.

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