China's fintech giant Ant Group announced a share repurchase plan on Saturday, as management seeks to retain talent and offer an exit to investors, after a regulatory overhaul of the firm.

Ant said it had proposed to all of its shareholders to repurchase up to 7.6 percent of its equity interest at a price that represents a group valuation of approximately 567.1 billion yuan ($78.53 billion).

"The repurchased shares will be transferred into Ant Group's employee incentive plans to attract talents. The repurchase proposal will also provide a liquidity option for the company's investors," according to the announcement.

This came a day after Ant was hit with a hefty fine of 7.12 billion yuan by Chinese financial authorities, for breaching laws and regulations in areas including corporate governance, financial consumer protection, payment and settlement business, as well as anti-money laundering obligations.

It was also required to stop operations of its crowdfunded medical aid service Xianghubao and compensate users.

In a statement, Ant said it has completed the related work on the rectification, and added it would "comply with the terms of the penalty in all earnestness and sincerity and continue to further enhance their compliance governance.”

Another tech giant Tencent was also slapped with a penalty of 2.99 billion yuan on the same day for regulatory violations over its payments services, according to a separate statement from the People's Bank of China (PBOC), the country's central bank.

In Tencent's response to the penalty, the giant said it believes financial regulators will focus on "normalized regulation" going forward, and focus on supporting and encouraging platform companies to continue their efforts in financial inclusion. It added that it sees no material adverse impacts from the fine. 

"Most of the prominent problems that existed with platform companies' financial businesses have been rectified," said the PBOC. Financial regulators will next shift from focusing on specific companies to overall regulation of the industry, it added.

Following reports of the penalties, shares of Tencent and Ant affiliate Alibaba soared in New York trading. Alibaba's U.S.-listed stock was up over 9 percent at its highest on Friday, before ending 8 percent higher at close, while Tencent rose 4.1 percent.