China Cinda: plans not to participate in the new round of equity subscription of Chongqing Ant Xiaojin

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).
The investment would have increased Cinda's interest in Chongqing Ant Consumer Finance Co Ltd to 24%, making the asset manager its second-biggest investor. Cinda already owns a 4% stake in the Ant unit through a subsidiary.-Reuters
China Cinda, one of China's top four asset managers, announced last month that it planned to invest 6 billion yuan in Ant Consumer Financial and become the second-largest shareholder, but the company said it planned not to participate in the subscription after further commercial considerations.
China Cinda said in an announcement on Thursday night that the share subscription agreement would not be submitted to the shareholders' meeting for consideration and that non-participation in the share subscription would not have a significant adverse impact on the company's operating and financial position.