Ant eyes capital rise for units

Updated 2017-12-19 10:00:26 Shanghai Daily

Alibaba's financial services affiliate Ant Financial Services Group plans to boost registered capital in its consumer finances businesses to 12 billion yuan (.79 billion) to support the healthy development of the consumer finance market in China amid a recent crackdown on unlicensed cash-loan services.

"The investment will allow Ant Financial's consumer finance businesses to better meet customers' financial needs, and we will reserve the option to further increase registered capital in the future based on business operations and regulatory requirements," said an e-mail statement yesterday.

The combined registered capital of Chongqing Mayi Micro Loans Co Ltd, which operates Ant Financial's credit pay service Huabei, and Chongqing Mayi Shangcheng Small Loans Co Ltd, which handles cash loan service Jiebei, will be raised from 3.8 billion yuan to 12 billion yuan.

"We have always been determined to develop our consumer finance services to support the development of the real economy," Ant Financial said.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58June 22 2018 17:20:22

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16June 22 2018 17:20:22

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18June 22 2018 17:20:22

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords