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.
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”.
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.
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)