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Chinese regulators have approved tech heavyweight Alibaba's financial arm Ant Group to raise 10.5 billion yuan ($1.5 billion) for its consumer finance unit, marking a significant step forward for the revamp of the financial technology company's lucrative consumer loan business.
(Reuters) - China Cinda Asset Management Co Ltd scrapped a deal to buy a 20% stake worth about $944 million in fintech giant Ant Group's consumer fina.
The investment would have increased Cinda's interest in Chongqing Ant Consumer Finance Co Ltd to 24%, making the asset manager its second-biggest investor.