Ant boosts registered capital to $5.4b as it continues restructuring

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.