Tech Insider: Amazon to Lay Off 18,000, BYD Unveils First Luxury EV

Welcome to Caixin’s Tech Insider, your twice-weekly wrap on the movers, shakers and deal-makers in China’s tech scene.

Ant Group lending unit gets OK for $1.5 billion capital increase

Chinese regulators have approved a plan by Ant Group Co. Ltd.’s online lending subsidiary to boost its registered capital by 10.5 billion yuan ($1.5 billion), a move that marks a key step in the fintech giant’s efforts to restructure its operations to meet government requirements.