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BEIJING (Reuters) – Chinese group Ant has raised its share capital to 35 billion yuan ($ 5.44 billion) from 23.8 billion yuan, public company registration records have shown, as the giant fintech is continuing its government-mandated restructuring.
Ant, a subsidiary of e-commerce leader Alibaba Group Holding Ltd, said in a statement Monday that the increase was aimed at supporting 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.
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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