Reuters
Ant’s consumer finance unit to boost its capital to $4.7 billion
The consumer finance unit of China’s Ant Group will boost the company’s capital to 30 billion yuan ($4.71 billion) from 8 billion yuan, and introduce 4 new strategic investors, an exchange filing released on Friday said. The unit, Chongqing Ant Consumer Finance Co Ltd, is under regulatory pressure to fold Ant’s two lucrative micro-loan businesses Jiebei and Huabei into it, which would make it subject to rules and capital requirements similar to those for banks. China Cinda Asset Management, one of company’s new investors and one of the country’s four biggest state asset managers, said it will invest 6 billion yuan as part of the exercise.
