July 10 (Reuters) - China's Ant Group has announced a surprise share buyback that values the fintech giant at $78.5 billion, well below the $315 billion touted in an abandoned IPO in 2020, in a move that may let some investors exit.
"And second, of course, we're talking about the share buyback plan.
DICKIE WONG, EXECUTIVE DIRECTOR AT KINGSTON SECURITIES IN HONG KONG:"Their share prices have strongly rebound today mainly driven by the expectation that regulatory pressure from mainland government will ease.
Ant Group is on the right track to achieve their final target of an IPO."
According to the company, the reason for the buyback is providing liquidity to existing investors and attracting and retaining talented individuals through employee incentives.
Persons:
GARY NG, KENNY NG, DICKIE WONG, SUMEET SINGH, Xie Yu, Yantoultra, Scott Murdoch, Anne Marie Roantree, Jamie Freed
Organizations:
Alibaba, HK, ASIA PACIFIC, CHINA, HONG, People's Bank of, Ant Group, KINGSTON, SINGAPORE WHO, Thomson
Locations:
HONG KONG, People's Bank of China, SINGAPORE, COLOMBO, Hong Kong, Singapore, Sydney