No Immediate Listing for Jack Ma-Backed Ant Group as Valuation Drops, Says Official Chinese Media

Ant Group’s Listing on Stock Exchange Unlikely in Short Term, Says Chinese Regulators

Today, Saturday, official Chinese media quoted sources close to regulators as saying that the listing of Jack Ma-backed Ant Group on the stock exchange is unlikely in the short term.

Earlier this month, Ant Group announced a surprise share buyback that brought the fintech giant’s valuation to $78.54 billion, far less than the $315 billion it tried to market in its pending initial public offering.

Last week, Chinese e-commerce giant Alibaba said it did not plan to sell any shares in the one-third it owns in the financial technology company (Ant Group) because it wanted to keep its stake in an “important strategic partner”.

Alibaba Group Holding to Not Participate in Ant Group Share Buyback Program

Alibaba Group Holding said in a statement that it would not participate in the Ant program to buy back shares. The program allows shareholders to resell up to 7.6 percent of their holdings at an unspecified price, which values ​​the company at 567.1 billion yuan ($78.8 billion).

Ant, which operates one of China’s leading mobile payment services (Alipay), has seen its valuation drop nearly 70% from about $280 billion ($38.9 billion) at the time it planned to go public in 2020.

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