Court rules Primavera wronged investors by selling Ant Group shares ahead of IPO

Court rules Primavera wronged investors by selling Ant Group shares ahead of IPO

FILE PHOTO: A booth of Ant Group is pictured at the Singapore FinTech Festival, Singapore, November 4, 2022. REUTERS/Anshuman Daga

A court in Shenzhen has decided in the second instance of two cases that Primavera Capital Group, founded by well-known investor Fred Hu, acted against the best interests of investors when it sold its stake in the company that would become Ant Group Co. Ltd. ahead of the fintech giant’s then-planned IPO.