Ant to buy back shares at 70% lower valuation than at IPO
Ant Group Co, backed by Jack Ma, plans to buy back up to 7.6% of its shares valuing the company at approx. CNY567.1bn ($78.5bn), amid regulatory hammering from the Chinese government. The repurchase may re-focus Ant back to build its business, alleviate pressure on pre-IPO investors seeking an exit, and offer an exit to smaller investors hit by the collapse of its IPO, it said in a statement.
Disclaimer : Mytimesnow (MTN) lets you explore worldwide viral news just by analyzing social media trends. Tap read more at source for full news. The inclusion of any links does not necessarily imply any endorsement of the views expressed within them.
