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Chinese regulators approve capital expansion for Ant Group
Technology

Chinese regulators approve capital expansion for Ant Group

HONG KONG (AP) — Chinese regulators have said e-commerce giant Alibaba’s finance affiliate Ant Group can raise $1.5 billion for its consumer finance unit in an important step forward after the government called off a planned IPO two years ago and ordered the firm to restructure.The China Banking and Insurance Regulatory Commission (CBIRC) in the southwestern city of Chongqing said in a notice dated Dec. 30 that Ant’s consumer credit unit had gained approval to increase its capital to 18.5 billion yuan ($2.7 billion) from 8 billion yuan ($1.16 billion).The approval came weeks after Beijing signaled at an economic work conference that it would support technology firms to boost economic growth and create more jobs.Under the latest capital expansion plan, Ant would contribute 9.25 billion y...