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.

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