Business
Chinese regulators approve capital expansion for Ant Group, Alibaba’s financial arm
The approval comes more than a year after an earlier plan to raise 22 billion yuan ($3.2 billion) was scuppered when China Cinda Asset Management, a state-owned bad debt management firm , pulled out of an agreement to buy a 20% stake in Ant’s consumer finance. arm.
Ant is restructuring after Chinese regulators pulled out of its mega-IPO plans just days before its market debut in Hong Kong and Shanghai.
The company is awaiting approval for a license to operate as a financial holding company and as a personal credit rating agency.