Ant Consumer Finance Arm to Raise $616 Million for Growth
- The operation will have 23 billion yuan in registered capital
- Sunny Optical, Transfar Zhilian to also inject money
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Ant Group Co.’s consumer finance affiliate is raising 4.5 billion yuan ($616 million) from investors to revive growth after regulators wrapped up a multi-year crackdown on the Jack Ma-backed financial technology giant.
Ant Group will contribute 2.25 billion yuan to the plan while other investors include Sunny Optical Technology Group Co. and Transfar Zhilian Co., according to exchange filings on Thursday. Chongqing Ant Consumer Finance Co. registered capital will increase to 23 billion yuan, pending regulatory approval.