China's Ant Group raises registered capital by 47% in restructuring process
Ant Group raises registered capital by 47 percent. /CFP

Ant Group raises registered capital by 47 percent. /CFP

China's Ant Group has increased its registered capital to 35 billion yuan ($5.44 billion) from 23.8 billion yuan, corporate data platform Tianyancha showed.

Ant said the move was to meet regulation requirements and its operational needs. 

The registered capital comes from the capitalization of the company's capital reserves. The company has not conducted market-based financing and no additional investors have been involved, Ant said.

China suspended the planned listing of the company last November due to financial risk concerns. 

In April, the country's central bank imposed a restructuring order on Ant, requiring it to rectify relevant businesses and set up a consumer finance firm.

China will continue to supervise the fintech industry, curb monopolies and protect personal data and consumer privacy, central bank governor Yi Gang said at a conference hosted by the Bank for International Settlements on October 9.

Yi listed several problems brought by fintech companies, including engaging in financial business without a license, violations in the payment business and unfair competition.

He said fintech companies must be licensed to operate, and added that the country will establish appropriate firewalls to avoid the spread of financial risks across departments and industries, and also end improper connections between financial information and business information to avoid monopolies.

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