Ant Group on Saturday announced a share repurchase plan that values the fintech giant at 567.1 billion yuan ($78.54 billion), as the management seeks to replenish its staff incentive pool and let some investors exit after a regulatory overhaul of the firm.
It marked a sharp fall in the $300 billion-plus value ascribed to the company in mid-2020, before its IPO planned for later that year was pulled.
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. Ant's penalty is seen to pave the way for the fintech firm to secure a financial holding company license, focus on bolstering growth, and eventually, revive its plans for a stock market listing.
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