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China’s Ant Group increases registered capital by 47% to $5.4 billion By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: An Ant Group logo is seen by a man as he walks past it at the World Artificial Intelligence Conference in Shanghai (China), July 8th 2021. REUTERS/Yilei Sun/File Photo

BEIJING (Reuters), China’s Ant Group increased its registered capital by 35 billion yuan ($5.44billion) to 23.8 billion yuan. The move is part of the government-mandated restructuring.

Ant is an affiliate of the e-commerce pioneer Alibaba Group Holding Ltd. (NYSE:) Monday’s statement stated that the rise was intended to help growth, and “according to applicable regulations and business requirements.”

After the record-breaking $37 billion Initial Public Offering in November by financial technology firm Ant, authorities ordered Ant’s restructuring in April. This was a clear indication of government intent to restrain its Internet giants.

Ant will now be subject to stricter capital and regulatory oversight as a result of the overhaul.

Ant stated that the 47% increase in registered capital is due to “capitalization of the company’s capital reserve.” The company stated it was not involved in any fundraising and had no additional investors.

($1 = 6.4374 renminbi)

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