Finance

China approves Jack Ma’s Ant Group to operate consumer finance firm

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A logo of Ant Group is pictured at the headquarters of the company, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020.

Aly Song | Reuters

GUANGZHOU, China — China has given its approval to Ant Group to operate a consumer finance company, a key positive step in the forced restructuring of its business just months after regulators slammed the brakes on its record-breaking listing.

Ant will hold a 50% stake in the new entity and contribute 4 billion Chinese yuan ($625.93 million) in registered capital, the China Banking and Insurance Regulatory Commission said on Thursday.

Another six shareholders will contribute 4 billion yuan and hold the remaining 50%. The…



Source cnbc.com

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