Oct 09, 2023 05:44 PM

FINANCE

Ant Group Consumer Lending Arm Plans $625 Million Capital Injection

By Liu Ran and Zhang Yukun

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Chongqing Ant Consumer Finance will use the fresh capital to wrap up its takeover of Ant Group’s lending businesses Huabei and Jiebei, sources told Caixin. Photo: VCG

Chongqing Ant Consumer Finance will use the fresh capital to wrap up its takeover of Ant Group’s lending businesses Huabei and Jiebei, sources told Caixin. Photo: VCG

Ant Group Co. Ltd.’s consumer lending subsidiary plans to boost its registered capital to 23 billion yuan ($3.2 billion), in a bid to speed up completion of the fintech giant’s years-long, government-driven overhaul.

Seven investors, including Ant Group and Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (002223.SZ), plan to inject 4.5 billion yuan of registered capital into Chongqing Ant Consumer Finance Co. Ltd., recent exchange filings from some of the investors show.

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