Ant to Buy Back Shares at 70% Lower Valuation Than at IPO
Jack Ma-backed Ant Group Co. is proposing to use as much as 567.1 billion yuan to buy back shares in an effort to retain talent and offer an exit for investors ensnared by a years-long regulatory crackdown at the company.Ant is proposing to all shareholders that it will repurchase as much as 7.6% of its equity interest, Ant said in a statement on Saturday. The stock will be transferred into the company’s staff incentive plan to attract talent. Ant, along with Tencent Holdings Ltd., were fined m