Alibaba may sell shares to Ant Group as part of latter’s buyback, Bloomberg says

Alibaba, which owns about a third of Ant Group, said in a stock exchange filing in Hong Kong that it received notice of the Ant share buyback program at a valuation of $78.5B and is considering selling shares to Ant as part of the fintech company’s planned repurchase, reported Bloomberg’s Sarah Zheng. Ant has proposed to buy back as much as 7.6% of shares and the planned share repurchase would value the company at almost 70% less than its $280B market capitalization in 2020, the report noted.