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  • Writer's pictureBy The Financial District

Carlyle, GIC Nix Ant Buyback As Value Sinks 70%

A number of global investors including Warburg Pincus and Canada Pension Plan Investment Board are opting out of Ant Group Co.’s proposed share buyback after the Chinese fintech’s valuation was slashed by more than 70%, Cathy Chan, Lulu Yilun Chen and David Ramli reported for Bloomberg News.

Photo Insert: Ant Group has certainly seen better days.

Carlyle Group Inc. and the Singapore wealth fund GIC Pte are also among top foreign shareholders that aren’t participating in the buyback, the people said, asking not to be identified because the matter isn’t public.

A few money managers, including Fidelity Investments and T. Rowe Price Group Inc., have agreed to sell their shares, one of the people familiar with the matter said.

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