Earlier this month, Ant Group announced a surprise share buyback that valued the fintech giant at $78.54 billion, well below the $315 billion touted in the suspended IPO.
Ant s story so far has been one of a dramatic reversal in fortunes: while its shelved $37 billion IPO in 2020 had valued the company at $315 billion, a share buyback announced on Saturday valued it 75% less at $78.5 billion.
Chinese authorities are likely to announce a fine of at least 8 billion yuan ($1.1 billion) on Ant Group as soon as Friday, sources with direct knowledge of the matter said, bringing an end to the fintech company s years-long regulatory overhaul.