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Alibaba shares hold steady as Warburg cuts Ant Group valuation
A report that Warburg Pincus has significantly cut the valuation of $Alibaba (BABA.US)$ affiliate Ant Group had little residual impact on the Chinese Internet retailing giant as trading progressed on Wednesday.
Warburg said it is now valuing financial technology company Ant at about $191 billion, or 15% less than the $224 valuation tag it gave Ant at the end of June. According to a report from Reuters, Warburg has changed its valuation of Ant due to "regulatory developments and the impact of ongoing restructuring."
Warburg also reportedly has said that it doesn't believe Ant's plans for a U.S. IPO will take place any time soon. Ant put its IPO plans on hold earlier this year after the company was ordered by Chinese government regulators to restructure itself into a financial holding company. That edict was part of an ongoing crackdown by Beijing on the business practices of many of China's leading tech giants.
Alibaba, which owns approximately 33% of Ant Group, saw its shares edge up by about 1%, Wednesday. Among other leading Chinese Internet companies, $Baidu (BIDU.US)$ remained near its breakeven line at around $150 a share. Susquehanna analyst Shyam Patil cut his price target on Alibaba to $200 a share from $310, and lowered his estimates on Baidu to $175 a share from $200. Patel cited concerns about the Covid-19 situation in China for his price-target cuts.
On Tuesday, Chinese regulators were said to have been putting pressure on Alibaba (BABA) and Baidu to clamp down on their platforms being used for fraudulent business practices.
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William Paul : Meaningless downgrade. That's why baba is up on the news.
fly up high William Paul : Your sooooooo right !!! They got nothing better to do
Indicator analyst : What an idiot. Ant was trying to IPO in Shanghai, not US.
Drdrdoky : I may buy baba at around $100. That's why i sold some $100 and $110 put. If it doesn't go there, atleast i collect some premium.
UANM5SC6Ea Drdrdoky : same here except its 70$ for me....I want the premium more but if it falls that far I def take the stock
z45pL0OXH0 : I was expecting BABA to go down more so i can buy more.
7KMNtrPYB1 : ....Ant never was a US IPO.......does Wartburg even excist?...the total lack of knowledge ...unbelievable