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Fidelity, BlackRock Cut Fintech Giant Ant’s Valuation Lower

  • Ant valuation now ranges between $70 billion to $151 billion
  • Fintech giant has yet to complete government-ordered overhaul
Commuters walk past an advertisement for Ant Group Co.'s payments app Alipay at a subway station in Shanghai, China.

Commuters walk past an advertisement for Ant Group Co.'s payments app Alipay at a subway station in Shanghai, China.

Photographer: Qilai Shen/Bloomberg
Updated on

Fintech giant Ant Group Co.’s valuation was trimmed again by global investors who bought private shares ahead of its suspended initial public offering.

Boston-based Fidelity Investments cut its estimate for Ant to $70 billion at the end of May, according to Bloomberg calculations based on filings. That’s down from $78 billion in June last year, and $235 billion just before Ant’s IPO was torpedoed by regulators in November 2020.