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Cinda drops out of US$930 million plan to raise stake in Chongqing Ant, adding a surprise in the restructuring of world’s largest fintech group

Cinda Asset Management has unexpectedly withdrawn from the recapitalisation of Chongqing Ant Consumer Finance barely three weeks after announcing it, adding a surprising twist to the restructuring of China’s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$930 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… ...

Cinda Asset Management has unexpectedly withdrawn from the recapitalisation of Chongqing Ant Consumer Finance barely three weeks after announcing it, adding a surprising twist to the restructuring of China’s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$930 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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