Ant eyes capital rise for units
Print Edition
Alibaba鈥檚 financial services affiliate Ant Financial Services Group plans to boost registered capital in its consumer finances businesses to 12 billion yuan (US$1.79 billion) to support the healthy development of the consumer finance market in China amid a recent crackdown on unlicensed cash-loan services.
鈥淭he investment will allow Ant Financial鈥檚 consumer finance businesses to better meet customers鈥 financial needs, and we will reserve the option to further increase registered capital in the future based on business operations and regulatory requirements,鈥 said an e-mail statement yesterday.
The combined registered capital of Chongqing Mayi Micro Loans Co Ltd, which operates Ant Financial鈥檚 credit pay service Huabei, and Chongqing Mayi Shangcheng Small Loans Co Ltd, which handles cash loan service Jiebei, will be raised from 3.8 billion yuan to 12 billion yuan.
鈥淲e have always been determined to develop our consumer finance services to support the development of the real economy,鈥 Ant Financial said.
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