China's Ant Group increases registered capital by 47% to $5.4 billion

China's Ant Group increases registered capital by 47% to $5.4 billion

China's Ant Group increases registered capital by 47% to $5.4 billion

Information about China's Ant Group increases registered capital by 47% to $5.4 billion

Kevin David Scam or Legit


BEIJING (Reuters) – China’s Ant Group has raised its registered capital to 35 billion yuan ($5.44 billion) from 23.8 billion yuan, public business registration records showed, as the fintech giant continues its government-mandated restructuring.
Ant, an affiliate of e-commerce leader Alibaba Group Holding Ltd, in a Monday statement said the increase was to support growth and was “according to relevant regulations and business needs.”
Authorities in April ordered sweeping restructuring at Ant after halting the financial technology (fintech) firm’s record $37 billion initial public offering in November, underscoring government determination to rein in its internet giants.
The overhaul subjects Ant to tougher regulatory oversight and capital requirements.
Ant said the 47% jump in registered capital comes from “capitalisation of the company’s capital reserve.” It said it had not engaged …

Read More on Datafloq

Breaking Story – China's Ant Group increases registered capital by 47% to $5.4 billion

The Latest News on China's Ant Group increases registered capital by 47% to $5.4 billion

Source link
Category – Automation

Leave a Reply

Your email address will not be published. Required fields are marked *