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China Cinda picks up 24% stake in Ant’s consumer lending arm

December 26, 2021
Source: worldnationnews.com worldnationnews.com
News Snapshot:
One of China’s largest state-owned asset managers will control a 24 percent stake in Ant Group’s consumer finance company, after engaging in a Rmb22bn ($3.5bn) fundraising exercise that will increase its registered capital. Will do it more than three times. China Sinda Asset Management, which is owned by the country’s Ministry of Finance, said in a statement to the Hong Kong Stock Exchange that it will contribute Rmb6bn by giving a 20 percent stake in Chongqing Ant Consumer Finance. Cinda will effectively hold another 4 percent through a subsidiary, Nanyang Commercial Bank. Ant is controlled by Internet tycoon Jack Ma,...
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