Fidelity Slashes Ant Valuation After China’s Tech Crackdown
- Global funds are cutting back estimates for Ant’s valuation
- Ant to become a financial holding company after overhaul
Employees at the Ant Group Co. headquarters in Hangzhou, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Fidelity Investments halved its valuation estimate for Ant Group Co. following a Chinese regulatory crackdown on the fintech giant, joining other global fund managers in cutting estimates for Ant’s worth.
The Boston-based money manager lowered the implied valuation for Ant to about $144 billion at the end of February, compared with a $295 billion value assigned in August, according to U.S. filings.