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China tech

Ant Group readies $1.5bn capital boost for consumer lending unit

Regulators approve funding proposal, paving way for parent to resuscitate IPO plan

A regulatory crackdown forced Ant Group to suspend a planned initial public offering in November 2020.   © Reuters

SHANGHAI -- China's Ant Group will increase its consumer lending arm's capital by 10.5 billion yuan ($1.52 billion) as part of a restructuring effort aimed at reviving delayed plans for an initial public offering.

The Alibaba Group Holding-affiliated fintech company has gotten the green light from regulators to expand unit Chongqing Ant Consumer Finance's capital base to 18.5 billion yuan. The company offers loans to users based on data from the Alipay mobile payment platform.

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