More than $10 billion of the money came from international investors, which bought shares in an offshore shell company set up by Ant to raise funds in U.S. dollars. Ant also didn’t provide a listing time frame or guarantee investors a return while it stayed private, the people added. The foreign investors didn’t receive any voting rights in Ant, which was valued at $150 billion in the June 2018 deal. The deal’s cancellation closed the avenue for international investors to exit. The 2018 Ant agreement also had no anti-dilution provisions, the people added, meaning investors could incur losses if the value of Ant’s business declines.

Source: Mint February 10, 2021 10:41 UTC