Ant Group’s global investors, as per news agency Reuters, have valued the China-based fintech giant at over $200 bn. The calculation is based on Alibaba backed company’s 2020 performance. The valuation is 33% above Ant’s 2018 fundraising, but far below the $315 bn, had the company was listed in “the world’s largest IPO”. Investor and experts had hoped for a huge crashed after the authorities scuppered the $37 bn IPO days ahead of listing in Nov.
China’s Ant Group CEO Simon Hu has resigned amid a regulatory-driven overhaul of the fintech business. Hu, CEO of the Alibaba Group company since 2019, will be replaced by Executive Chairman Eric Jing. Hu’s exit is the first key management change since a scuppered $37 bn IPO. He was a key executive responsible for managing the company’s mega dual-listing in Hong Kong and Shanghai.
China has launched an antitrust investigation into Alibaba Group and will summon the Ant Group affiliate to meet. The probe is part of a crackdown on monopolistic behaviour in the country’s booming internet industry, and the latest setback for Ma, China’s most famous entrepreneur. Last month, China suspended Ant’s planned $37 bn IPO, which was on the track to become the world’s largest, just two days before the official launch in Shanghai and Hong Kong.