(Reuters) – A number of global investors are opting out of Ant Group’s proposed share buyback after the Chinese fintech’s valuation was slashed by more than 70%, Bloomberg News reported on Monday.
Among the investors not participating in the buyback are Warburg Pincus, Canada Pension Plan Investment Board (CPPIB), Carlyle Group and GIC Pte, Bloomberg said, citing people familiar with the matter.
However, a few money managers, including Fidelity Investments and T. Rowe Price Group, have agreed to sell their shares, the report added.
In July, Ant Group announced a surprise share buyback of up to 7.6% of its equity interest at a price that represents a group valuation of about 567.1 billion yuan ($78.68 billion).
Carlyle Group and CPPIB declined to comment.
Ant Group, Warburg Pincus, GIC, Fidelity Investments and T. Rowe Price Group did not immediately respond to Reuters’ request for comment.
($1 = 7.2081 Chinese yuan renminbi)
(This story has been refiled to remove repetition of the word ‘CPPIB’ in paragraph 6)
(Reporting by Nilutpal Timsina in Bengaluru; Editing by Varun H K)
