China’s Ant Group gets regulatory approval for $1.5 billion funding
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
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.
