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China tech

Ant halts $3bn sale of loan-backed securities after crackdown

Chinese fintech group seen shrinking mobile-lending operations

The suspension of the sale of debt-backed securities is a blow to Ant Financial's consumer credit business.   © Reuters

SHANGHAI -- Ant Group has abandoned its 18 billion yuan ($2.8 billion) sale of securities backed by online loans, apparently in response to China's mounting crackdown against the fintech heavyweight's lucrative consumer credit business.

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