Ant Group, the Fintech arm of e-commerce giant Alibaba is to hold a shareholder meeting to seek approval for a share repurchase program. The proposal aims to repurchase up to 7.6 percent of Ant Group's shares, with an estimated valuation of 567.1 billion yuan (US$78.4 billion).
The repurchased shares will be allocated to Ant Group's employee incentive program. Alibaba is considering its participation in the proposed share repurchase.
This move reflects a decline of about 40 percent from Ant Group's valuation during its Series C financing in 2018, which was about 960 billion yuan.
