China’s Ant Group increases registered capital by 47% to $5.4 bln
A person walks previous an Ant Group emblem on the World Synthetic Intelligence Convention (WAIC) in Shanghai, China, July 8, 2021. REUTERS/Yilei Solar/File Photograph
BEIJING, Oct 11 (Reuters) – China’s Ant Group has raised its registered capital to 35 billion yuan ($5.44 billion) from 23.8 billion yuan, public enterprise registration data confirmed, because the fintech large continues its government-mandated restructuring.
Ant, an affiliate of e-commerce chief Alibaba Group Holding Ltd , in a Monday assertion stated the rise was to assist progress and was “based on related laws and enterprise wants.”
Authorities in April ordered sweeping restructuring at Ant after halting the monetary know-how (fintech) agency’s report $37 billion preliminary public providing in November, underscoring authorities dedication to rein in its web giants.
The overhaul topics Ant to more durable regulatory oversight and capital necessities.
Ant stated the 47% bounce in registered capital comes from “capitalisation of the corporate’s capital reserve.” It stated it had not engaged in any fundraising exercise and that no extra buyers have been concerned.
($1 = 6.4374 Chinese language yuan renminbi)
Reporting by Cheng Leng and Brenda Goh; Enhancing by Christopher Cushing
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