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

© Reuters. FILE PHOTO: A person walks previous an Ant Group brand on the World Synthetic Intelligence Convention (WAIC) in Shanghai, China, July 8, 2021. REUTERS/Yilei Solar/File Picture

BEIJING (Reuters) – China’s Ant Group has raised its registered capital to 35 billion yuan ($5.44 billion) from 23.8 billion yuan, public enterprise registration information confirmed, because the fintech large continues its government-mandated restructuring.

Ant, an affiliate of e-commerce chief Alibaba (NYSE:) Group Holding Ltd, in a Monday assertion mentioned the rise was to help development and was “in accordance with related rules and enterprise wants.”

Authorities in April ordered sweeping restructuring at Ant after halting the monetary expertise (fintech) agency’s file $37 billion preliminary public providing in November, underscoring authorities dedication to rein in its web giants.

The overhaul topics Ant to more durable regulatory oversight and capital necessities.

Ant mentioned the 47% soar in registered capital comes from “capitalisation of the corporate’s capital reserve.” It mentioned it had not engaged in any fundraising exercise and that no further buyers had been concerned.

($1 = 6.4374 renminbi)

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