Fidelity Investments has slashed its estimate of Ant Group Co.’s valuation for at least the second time this year, underscoring the deteriorating outlook for Jack Ma’s fintech giant as the Chinese government ramps up regulation of the industry.
The Boston-based money manager’s valuation of its Ant holdings at the end of June implied a total market capitalization of about $78 billion, according to regulatory filings compiled by Bloomberg. That’s down from $144 billion in February and $235 billion just before Ant’s initial public offering was abruptly suspended by regulators in early November.
