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. https://ift.tt/JiwpEbL