China Cinda Buys 20% Stake in Ant’s Consumer Finance Unit

What’s new: Ant Group’s consumer finance unit will receive 22 billion yuan ($3.5 billion) fresh funding from a group of investors including one of China’s state-owned asset managers.

China Cinda Asset Management Co. will join a group of investors led by Ant Group in the new funding round of Chongqing Ant Consumer Finance Co. Ltd. Other investors include Sunny Optics, Boguan Technology, Yufu Capital and Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., according to company filings.