Ant gets approval to expand its consumer finance business
Publishing timestamp: 2023-01-04 05:08:04
Summary
The China Banking and Insurance Regulatory Commission approved Ant Group's request to increase the registered capital for its consumer unit from 8 billion yuan to 18.5 billion yuan. This is a positive sign of progress in resolving regulators' concerns since the suspension of its massive IPO in late 2020. Alibaba owns 33% of Ant, which operates one of China's two dominant mobile pay apps. Ant launched its consumer finance company in 2021 as part of restructuring. The new investors in the other half of the company include an entity backed by the Hangzhou government and Sunny Optical Technology.
Sentiment: POSITIVE
Tickers: 2382-HK,
Keywords: stock markets, market insider, business news, markets, technology, sunny optical technology group co ltd,
Source: https://www.cnbc.com/2023/01/04/ant-gets-approval-to-expand-its-consumer-finance-business.html