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# China’s Ant Group gets regulatory approval for $1.5 billion funding
- URL: https://www.techloy.com/ant-group-gets-regulators-approval-for-1-5-billion-funding/
- Published: 2023-01-04T18:57:54.000Z
- Updated: 2023-01-04T18:57:54.000Z
- Author: Emmanuel Oyedeji
- Tags: / News, / Money, Tech in China

The China Banking and Insurance Regulatory Commission division has approved Jack Ma’s Ant Group Co.'s plan to raise 10.5 billion yuan ($1.5 billion USD) for its consumer unit, per a report by *Bloomberg.*

The approval by the regulatory body will allow the company to boost its capital to 18.5 billion yuan ($2.7 billion USD).

The approval comes as analysts predict a return of Ant’s IPO plans, following an entity owned by the Alibaba-backed fintech giant winning rights for a plot of land in Shanghai.

Of that amount, Ant contributed 5.25 billion yuan ($761 million USD). The company will control half of its shares, while a unit owned by the city of Hangzhou will control 10%. This makes the latter the second-largest shareholder of Ant.

Other new investors include Sunny Optical Technology Group Co. and Jiangsu Yuyue Medical Equipment & Supply Co.