Ant Group, the Fintech arm?of e-commerce giant Alibaba is to?hold a shareholder meeting to seek approval for a share repurchase program. The proposal aims to repurchase up to 7.6 percent?of Ant Group's shares, with an estimated valuation of?567.1 billion yuan (US$78.4 billion).

The repurchased shares will be allocated to Ant Group's employee incentive program. Alibaba is?considering its participation in the proposed share repurchase.

This move reflects a decline of about 40 percent?from Ant Group's valuation during its Series C financing in 2018, which was about 960 billion yuan.