Caixin
Nov 15, 2022 04:57 AM
BUSINESS

Ant Consumer Unit Raises $1.49 Billion From Sunny Optical, Yuyue

Jack Ma’s Ant Group has been restructuring its operations, including beefing up capital, curbing consumer lending and shuffling management.
Jack Ma’s Ant Group has been restructuring its operations, including beefing up capital, curbing consumer lending and shuffling management.

(Bloomberg) — Ant Group Co.’s consumer finance unit is raising 10.5 billion yuan ($1.49 billion) in a scaled-down capital boost from investors after China Cinda Asset Management Co. unexpectedly backed out of its investment plan this year.

A subsidiary of Sunny Optical Technology Group Co. will take 1.1 billion yuan of Chongqing Ant Consumer Finance Co.’s capital, for a 6% stake, according to an exchange filing Monday. Jiangsu Yuyue Medical Equipment & Supply Co. plans to add 524 million yuan, taking a 4.99% stake. Ant Group will contribute 5.25 billion yuan to retain its 50% holding, while other backers are also investing, statements show.

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