Ant Group’s Consumer Finance Unit to boost its capital

China’s Ant Group consumer finance unit will increase the company’s capital to CNY 30 billion (approximately Rs. 35,377 crore) from CNY 8 billion (approximately Rs. 9,434 crore), and will introduce 4 new strategic investors, according to an exchange document released on Friday. .

The unit, Chongqing Ant Consumer Finance, is under regulatory pressure to incorporate Ant’s two lucrative microcredit companies, Jiebei and Huabei, which would subject it to rules and capital requirements similar to those of banks. China Cinda Asset Management, one of the company’s new investors and one of the four largest state asset managers in the country, said it will invest CNY 6 billion (approximately Rs. 7,075 crore) as part of the exercise.

China’s Ant Group consumer finance unit will increase the company’s capital to CNY 30 billion (approximately Rs. 35,377 crore) from CNY 8 billion (approximately Rs. 9,434 crore), and will introduce 4 new strategic investors, according to an exchange document released on Friday. .

The unit, Chongqing Ant Consumer Finance, is under regulatory pressure to incorporate Ant’s two lucrative microcredit companies, Jiebei and Huabei, which would subject it to rules and capital requirements similar to those of banks. China Cinda Asset Management, one of the company’s new investors and one of the four largest state asset managers in the country, said it will invest CNY 6 billion (approximately Rs. 7,075 crore) as part of the exercise.

Last month, Ant said it was looking to differentiate part of its short-term consumer loan business, Jiebei, while pursuing a regulator-led restructuring.

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