Ant Group’s restructuring hits a snag as Cinda, Yuyue unexpectedly pull out of Chongqing Ant’s capital raising plan

//Ant Group’s restructuring hits a snag as Cinda, Yuyue unexpectedly pull out of Chongqing Ant’s capital raising plan

Ant Group’s restructuring hits a snag as Cinda, Yuyue unexpectedly pull out of Chongqing Ant’s capital raising plan

Cinda Asset Management has unexpectedly withdrawn from the recapitalisation of Chongqing Ant Consumer Finance barely three weeks after announcing it, adding a surprising twist to the restructuring of China’s largest fintech company.Cinda said its board decided “not to participate” in the plan to pay 6 billion yuan (US$943 million) for an additional 20 per cent stake in Chongqing Ant, according to a filing to the Hong Kong stock exchange signed by the bad-loans manager’s chairman Zhang Zi’ai…

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By | 2022-01-13T15:35:24+00:00 January 13th, 2022|Technology|Comments Off on Ant Group’s restructuring hits a snag as Cinda, Yuyue unexpectedly pull out of Chongqing Ant’s capital raising plan