Fidelity cuts Ant Group's valuation in half to $144 billion after regulatory crackdown in China
- Fidelity cut
Ant Group's implied valuation to $144 billion from $300 billion, according to regulatory filings.
- The decline in valuation comes after China imposed a regulatory crackdown on the fintech giant.
- Fidelity initially invested in Ant Group in June 2018 at a $150 billion valuation.
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China's regulatory crackdown of Ant Group in recent months has led Fidelity to cut its implied valuation of the fintech giant in half, according to regulatory filings first seen by The Wall Street Journal.Fidelity's implied valuation of Ant Group fell to $144 billion from $295 billion, according to the filing. Fidelity first invested in Ant Group in June 2018 at a valuation of $150 billion. The implied valuation represents a massive drop from last year's expected IPO valuation of more than $310 billion.
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But China pulled the public debut of Ant Group days before its expected IPO in November following critical comments of international financial regulations from billionaire founder
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