China’s Ant Group gets green light for US$1.5b fundraising plan

BEIJING, Jan 4 — Chinese authorities have given approval to Jack Ma’s Ant Group to raise 10.5 billion yuan for its consumer finance arm, in a sign that Beijing may be loosening its grip on the fintech giant.

After the deal goes through, Ant — in which ecommerce titan Alibaba has a stake — will have contributed a total of 9.25 billion yuan and control half of its shares. It added that Ant is required to “complete the relevant statutory proceedings” within six months of receiving the authorisation. Beijing also hit Alibaba, which Ma co-founded and formerly headed, with a record US$2.75 billion fine for alleged unfair practices.

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