Ant Group Co, backed by Jack Ma, plans to buy back up to 7.6% of its shares valuing the company at approx. CNY567.1bn ($78.5bn), amid regulatory hammering from the Chinese government. The repurchase may re-focus Ant back to build its business, alleviate pressure on pre-IPO investors seeking an exit, and offer an exit to smaller investors hit by the collapse of its IPO, it said in a statement.
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