Ant Group has announced a share buyback that values the company at $78.5 billion. This valuation is significantly lower than the $230 billion it was valued at nearly three years ago before its initial public offering (IPO) was halted by Chinese regulators. The buyback comes after Chinese financial regulators fined Ant and its subsidiaries a total of 7.1 billion yuan ($984 million) for violations related to consumer protection and corporate governance.
China Fines Jack Ma’s Ant Group Nearly $1 Billion- A Landmark Penalty in Tech Crackdown
China’s regulatory crackdown on its domestic tech sector continues as the People’s Bank of China (PBOC) fines Alibaba affiliate Ant Group a staggering 7.12 billion yuan ($985 million) for multiple violations of laws and regulations.
