ZhongAn Online Shares Fall After Jack Ma-backed Ant Cuts Stake

ZhongAn Online P&C Insurance’s H shares fall as much as 7.6% after Jack Ma-backed Ant Group sold about 33.75 million of the stock at an average price of HK$19.38 each on June 24.

• Transaction valued at about HK$654 million ($83.3 million), according to Bloomberg calculations based on HKEX filing on Tuesday
• Ant Group’s long position in the insurer falls to 7.63% from 10.01%
• Investment decision is normal and aimed at optimizing capital allocation and won’t affect Ant Group’s business cooperation with ZhongAn, Securities Times reports, citing Ant’s response
  • Ant Group remains optimistic on the long-term development of ZhongAn
  • This ...