Ant Group's consumer finance unit to more than double capital to $2.62b

Ant Group's consumer finance unit to more than double capital to $2.62b

FILE PHOTO: A man walks past an Ant Group logo at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 8, 2021. REUTERS/Yilei Sun/File Photo

The consumer finance unit of China’s Ant Group will increase its registered capital to 18.5 billion yuan ($2.62 billion) from 8 billion yuan previously, in part by taking on new investors, an exchange filing released on Monday said.

Ant will invest 5.25 billion yuan as part of the capital injection to retain its 50% stake in the unit, Chongqing Ant Consumer Finance Co Ltd, according to the filing made by the unit‘s minority shareholder Yuyue Medical.

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