China’s Ant Group Increases Registered Capital by 47 percent to $5.4 Billion

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A man walks past an Ant Group logo at the World Artificial Intelligence Conference (WAIC) in Shanghai, China, on July 8, 2021. (Yilei Sun/Reuters)

BEIJING—China’s Ant Group has raised its registered capital to $5.44 billion from $3.69 billion, public business registration records showed, as the fintech giant continues its government-mandated restructuring.

Ant, an affiliate of e-commerce leader Alibaba Group Holding Ltd., in a Monday statement said the increase was to support growth and was “according to relevant regulations and business needs.”

Authorities in April ordered sweeping restructuring at Ant after halting the financial technology (fintech) firm’s record $37 billion initial public offering scheduled for November, underscoring government determination to rein in its internet giants.

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

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

Reuters

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