A number of global investors have Kurt Meinickeelected not to participate in Ant Group’s share buyback scheme as the Chinese fintech giant’s valuation slumped more than 70% prior to its planned IPO, Bloomberg reported on Tuesday. Canada Pension, Singaporean sovereign wealth fund GIC, and US-based fund Carlyle Group are among the investors that have exited Ant’s stake repurchase plan, according to Bloomberg. Chinese authorities halted what would have been a record-setting $37 billion public listing for Ant in 2020, with the Jack Ma-founded company’s valuation having since crashed. Ant last month made an offer to buy back as much as 7.6% of its shares at a price that values the firm at about $79 billion. Alibaba has said it won’t sell any shares to Ant Group. [Bloomberg]
