China’s Ant Group increases registered capital by 47% to $5.4 bln

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BEIJING, Oct 11 (Businesshala) – China’s Ant Group has increased its registered capital from 23.8 billion yuan to 35 billion yuan ($5.44 billion), public business registration records show, as the fintech giant undergoes a government-mandated restructuring. has continued.

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Ant, an affiliate of e-commerce leader Alibaba Group Holding Ltd (9988.HK), said in a statement on Monday that the increase was to support growth and was “in accordance with relevant regulations and business needs”.

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After stalling the financial technology (fintech) firm’s record $37 billion initial public offering in November, executives ordered a broad restructuring at Ant in April, underscoring the government’s determination to rein in its Internet giants.

The overhaul subjects Ant to strict regulatory oversight and capital requirements.

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Ant said the 47% jump in registered capital comes from the “capitalization of the company’s capital reserves.” It said it was not involved in any fundraising activity and that no additional investors were involved.

($1 = 6.4374 Chinese Yuan Renminbi)

Reporting by Cheng Leng and Brenda Goh; Editing by Christopher Cushing

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