Ant Group Announces Share Buyback as Regulatory Crackdown on Chinese Tech Giants Begins to Ease

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.