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The China Banking and Insurance Regulatory Commission said it approved Ant Group’s request to increase the amount of registered capital for the company’s consumer unit, to 18.5b yuan from 8b yuan. Ant will still hold a 50% stake in the consumer finance company, according to the announcement and new investors in the other half of the company include an entity backed by the Hangzhou government and Sunny Optical Technology.
“This is a positive start of the steps that Ant Financial needs to go through [with] its restructuring process under the supervision of the CBIRC and PBOC,” said Winston Ma, adjunct professor of law at New York University.
https://www.cnbc.com/2023/01/04/ant-gets-approval-to-expand-its-consumer-finance-business.html
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