Chinese fintech Ant Group’s transformation into a fully regulated company has been held up by a reshuffle of China’s financial-regulatory system
Before Ant’s public listing was canceled, the Hangzhou-based company said itfor the first half of 2020, on revenue of more than $10 billion. The IPOs—which were canceled after investors had already committed to buying its shares—had been on track to value Ant at more than $300 billion.
Fidelity Investments—which like other mutual-fund managers periodically discloses the value of its stockholdings—earlier this year pinned a value to its Ant shares that implied a company valuation of about $60 billion.
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