Chinese group Ant increases share capital by 47% to $ 5.4 billion

BEIJING, Oct. 11 (Reuters) – Chinese group Ant has increased its share capital to 35 billion yuan ($ 5.44 billion) from 23.8 billion yuan, according to public business registration records, while the fintech giant continues its government-mandated restructuring.

Ant, a subsidiary of e-commerce leader Alibaba Group Holding Ltd (9988.HK), said on Monday that the increase was to support growth and was “in accordance with relevant regulations and business needs.”

In April, authorities ordered a sweeping restructuring of Ant after halting the fintech firm’s record $ 37 billion initial public offering in November, underscoring the government’s determination to curb its giants in the industry. ‘Internet. Read more

The overhaul subjects Ant to regulatory oversight and tighter capital requirements.

Ant said the 47% jump in share capital came from “the capitalization of the company’s capital reserve.” He said he had not engaged in any fundraising activity and that no additional investors were involved.

($ 1 = 6.4374 Chinese renminbi yuan)

Reporting by Cheng Leng and Brenda Goh; Editing by Christopher Cushing

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