China’s Cinda Scraps $944M Investment Into Ant’s Consumer Finance Unit
01/14/22, 12:19 AM
Money raised
$944 million
Industry
financial services
other
software
China Cinda Asset Management said on Thursday it plans to scrap an agreement to buy a 20% stake in the consumer finance arm of Ant Group, worth 6 billion yuan ($943.83 million).
Company Info
Additional Info
“After further prudent commercial consideration and negotiation with (Chongqing Ant Consumer Finance), the company proposed not to participate in the share subscription,” Cinda said in a filing to the stock exchange. Cinda, one of the country’s four biggest state asset managers, said the withdrawal would not have any material impact on the company.