Regulatory scrutiny forced Hangzhou-based Ant Group to abruptly suspend its massive IPO plans in 2020.
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BEIJING Ant Group’s consumer finance unit has received approval to more than double its registered capital, a sign of progress in resolving regulators’ concerns.
Since the abrupt suspension of its massive IPO in late 2020, Ant has been working with Chinese regulators to restructure its business. Alibaba owns 33% of Ant, which operates one of China’s two dominant mobile pay apps.
Alibaba’s Hong Kong-traded shares traded 8% higher Wednesday. Shares listed in New York closed 4.4% higher overnight.
Ant launched its consumer finance company in 2021 as part of the restructuring.
On Friday, …
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