Ant Group Co.’s valuation may be cut further under new measures proposed by China to curb market concentration in its online payments market, according to new estimates from Bloomberg Intelligence.

Jack Ma’s fintech giant may be worth less than RMB700 billion ($143.44 billion) under the draft proposals, which could reduce the value of Ant’s Alipay service by half, according to senior analyst Francis Chan. Earlier this month, Chan lowered his Ant valuation to less than RMB1 trillion, from about RMB1.44 trillion.

“Ant Group’s valuation may plunge further if its payment unit is forced to break up due to potential anti-trust probes by China’s central bank,” Chan wrote in a research note.

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