Stock Groups

Ant’s consumer finance unit to boost its capital to $4.7 billion -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO – A man passes by the Ant Group logo during the World Artificial Intelligence Conference, Shanghai (China), July 8th 2021. REUTERS/Yilei Sun

BEIJING (Reuters – China’s Ant Group has announced that the consumer finance division will double its capital from $8 billion to $30 billion ($4.71 billion), and it will introduce four new strategic investors.

Chongqing Ant Consumer Finance Co Ltd has been under pressure from regulators to merge Ant’s micro-loan business Jiebei & Huabei. It would be subject to capital requirements and rules similar to that of banks.

China Cinda Asset Management was one of China Cinda’s new investors. This company is also one the four most powerful state asset managers of China.

China Cinda, which holds a 24% share in the consumer finance unit will be the second largest shareholder, with Nanyang Commercial Bank Ltd holding a 4% interest.

Cinda filed to Hong Kong Stock Exchange that Ant would retain a half-share in the unit.

In addition to the three strategic investors listed in the filing, Ant also had Sunny Optics and Boguan Technology as units of NetEase Inc. Yufu Capital is a local investment arm under the Chongqing government.

Ant announced last month it sought to differentiate a portion of Jiebei’s short term consumer loan business Jiebei as part its regulator-led restructuring.

($1 = 6.3640 renminbi)

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]