Court Rules Primavera Wronged Investors With Ant Share Sale, Upholds Rulings Against Ping An Trust

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 their stake in the company that would become Ant Group Co. Ltd. ahead of the fintech giant’s then-planned IPO.

The Shenzhen Intermediate People’s Court said that Primavera should hand over all of its gains from the stake sale so they could be returned to investors, according to the court’s verdict.