Chinese regulators have approved Alibaba’s fintech affiliate Ant Group’s RMB 10.5 billion ($1.5 billion) fundraising plan for its consumer finance unit Chongqing Ant Consumer Finance, according to a notice published by the Chongqing unit of the China Banking and Insurance Regulatory Commission. This will increase the unit’s capital from RMB 8 billion to RMB 18.5[…[…
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