Fidelity halves valuation of Ant Group after Chinese crackdown: Report

U.S. asset manager Fidelity Investments has halved the valuation of its shares in Ant Group, the Chinese financial technology company at the centre of a major regulatory crackdown, the Wall Street Journal reported on Monday.

The new valuation for the Jack Ma-founded company, which has been forced to restructure following scrutiny from Beijing, was $144 billion as of the end of February, based on regulatory filings cited by the WSJ.

Ant declined to comment. Fidelity did not immediately to respond to a request for comment.