Key Points
July 10 (Reuters) - China's Ant Group has announced a surprise share buyback that values the fintech giant at $78.5 billion, well below the $315 billion touted in an abandoned IPO in 2020, in a move that may let some investors exit...
The announcement came after China's financial regulator on Friday fined the Alibaba Group (9988.HK) affiliate $984 million for violating laws and regulations, a move seen by many industry observers as a sign that a regulatory crackdown on the country's technology sector is over...
"Ant Group has announced a repurchase plan, which reflects a significant decrease in the company's valuation compared to its previous preparation for IPO..
This is believed to be mainly due to the fact that the People's Bank of China imposed a fine of 7.123 billion renminbi on Ant Group and its subsidiaries last Friday, and investors anticipate that the regulatory crackdown on Alibaba that has lasted for several years is coming to an end...
"Looking back over the past few years, Alibaba's stock price has experienced a significant decline, mainly due to concerns in the market about the negative impact of industry regulation on the company..
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