Some of Ant Group's global investors have valued the Chinese fintech firm at over $200 billion.
That's according to sources, who say the assessment is based on its 2020 performance.
It offers a more sober estimate after Ant shelved its IPO and was forced to restructure.
Investor hopes for a huge windfall crashed when regulatory scrutiny scuppered the $37 billion initial public offering days ahead of Ant's November listing.
Sources told Reuters that regulator-mandated restructuring as a financial rather than tech firm has since made some more conservative with their analysis.
The Alibaba Group affiliate's revised valuation and listing timeline must now wait until it finalises a revamp plan.
Also reportedly under governmental pressure this week is former parent and affiliate, Alibaba Group, asked by Beijing to dispose of its media assets.
That's according to the Wall Street Journal, citing people familiar with the matter.
The report said that officials were shocked at how expansive Alibaba's media interests have become.
The online retail company has stakes in the Twitter-like Weibo platform.
As well as several news outlets including the South China Morning Post.
Sources in the article added that such influence is seen as posing serious challenges to the Chinese Communist Party.
Alibaba did not immediately respond to Reuters' request for comment.