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Miguel Cordon · · 1 min readAnt boosts registered capital to $5.4b as it continues restructuring
“China’s Ant Group has raised its registered capital to 35 billion yuan (US$5.44 billion) from 23.8 billion yuan (US$3.7 billion), public business registration records showed, as the fintech giant continues its government-mandated restructuring,” Reuters reported.
Details:
- The Alibaba affiliate said the move was done “according to relevant regulations and business needs” and is aimed at fueling its growth.
- Ant also shared that it did not raise additional capital through any fundraising activities, stressing that the amount came from “capitalization of the company’s capital reserve.”
Dive deeper:
- The move follows Chinese authorities ordering a restructuring for Ant after hitting a pause on the fintech titan’s US$37 billion public listing last year.
- China also recently said that it wanted Ant to have a separate platform for its loans business, which involves turning over user data to a new partly state-owned credit-scoring joint venture.
Currency converted from yuan to US dollar: US$1 = 6.44 yuan.
Editing by Collin Furtado and Eileen C. Ang
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