Ant Group, China’s fintech behemoth, recently had its valuation lowered by global investors who bought private shares ahead of its suspended initial public offering, including rumored investors Warburg Pincus, CPP Investments, Silver Lake, and Temasek. At the end of May, Fidelity Investments reduced their Ant valuation to $70 billion, down from $235 billion at the time just before the IPO got squashed (November 2020). And down $78 billion from June of 2021. Ant is also suffering from declining profits as a result of a multi-year regulatory makeover, falling 17% during the March quarter.
Fidelity Cut Fintech Giant Ant’s Valuation Lower