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CHINESE REGULATORS APPROVE CAPITAL EXPANSION FOR ANT GROUP
AppleMagazine
|January 06, 2023
Chinese regulators have said e-commerce giant Alibaba’s finance affiliate Ant Group can raise 1.5 billion for its consumer finance unit in an important step forward after the government called off a planned IPO two years ago and ordered the firm to restructure.
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The China Banking and Insurance Regulatory Commission (CBIRC) in the southwestern city of Chongqing said in a notice dated Dec. 30 that Ant's consumer credit unit had gained approval to increase its capital to 18.5 billion yuan ($2.7 billion) from 8 billion yuan ($1.16 billion).
The approval came weeks after Beijing signaled at an economic work conference that it would support technology firms to boost economic growth and create more jobs.
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