Fidelity Cuts Ant Group Valuation by 9% More to $64 Billion

(Bloomberg) — Fidelity Investments trimmed Fintech giant Ant Group Co.’s valuation again, more than two years after the Chinese government torpedoed its record initial public offering.

Boston-based Fidelity cut its estimate for Ant by about 9% to about $63.8 billion as of the end of November from the end of May, according to Bloomberg calculations based on filings. That’s down from $235 billion just before Ant’s IPO was halted in November 2020.