KEY POINTS
  • The China Banking and Insurance Regulatory Commission said Friday it approved Ant Group's request to increase the amount of registered capital for the company's consumer unit, to 18.5 billion yuan from 8 billion yuan.
  • Chinese media previously reported the news of the banking regulator's approval, whose terms were previously released publicly.
  • Since the abrupt suspension of its massive IPO in late 2020, Ant has been working with Chinese regulators to restructure its business.
Regulatory scrutiny forced Hangzhou-based Ant Group to abruptly suspend its massive IPO plans in 2020.

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.