By Yifan Wang
China Cinda Asset Management Co. said it has agreed to invest 6.0 billion yuan ($941.9 million) in a unit of Ant Group, one of the first major fundraisings by the embattled fintech giant after Beijing halted its planned initial public offering in 2020.
China Cinda will hold a 24% stake after the transaction, it said Friday.
The Ant subsidiary, Chongqing Ant Consumer Finance Co., has secured CNY22 billion in total from investors including Tesla Inc. supplier Contemporary Amperex Technology Co. and smartphone-component maker Sunny Optical Technology Group Co. Ant will maintain a 50% stake in the unit after the deal.
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(END) Dow Jones Newswires