Carlyle, GIC Skip Ant Group’s Buyback After Valuation Slumps 70%, Sources Say

(Bloomberg) — A number of global investors including Warburg Pincus and Canada Pension Plan Investment Board are opting out of Ant Group Co. Ltd.’s proposed share buyback after the Chinese fintech’s valuation was slashed by more than 70%, according to people familiar with the matter.

Carlyle Group Inc. and 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 said.