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China Cinda: Intends not to participate in the new round of equity subscription of Chongqing Ant Consumer Finance.
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 China Cinda's interest in Chongqing Ant Consumer Finance Co Ltd to 24%, making the asset manager its second-biggest investor. China Cinda already owns a 4% stake in the Ant unit through a subsidiary.-Reuters
China Cinda, one of China's top four asset management companies, announced last month its plan to invest 6 billion RMB to acquire a stake in Ant Consumer Finance, becoming the second-largest shareholder. However, the company stated that after further careful commercial consideration, it does not intend to participate in the equity subscription this time.
China Cinda's announcement on Thursday evening also mentioned that the equity subscription agreement will not be submitted to the shareholder meeting for approval; not participating in the equity subscription will not have a significant adverse impact on the company's operation and financial condition.
The investment would have increased China Cinda's interest in Chongqing Ant Consumer Finance Co Ltd to 24%, making the asset manager its second-biggest investor. China Cinda already owns a 4% stake in the Ant unit through a subsidiary.-Reuters
China Cinda, one of China's top four asset management companies, announced last month its plan to invest 6 billion RMB to acquire a stake in Ant Consumer Finance, becoming the second-largest shareholder. However, the company stated that after further careful commercial consideration, it does not intend to participate in the equity subscription this time.
China Cinda's announcement on Thursday evening also mentioned that the equity subscription agreement will not be submitted to the shareholder meeting for approval; not participating in the equity subscription will not have a significant adverse impact on the company's operation and financial condition.
According to last month's announcement, Chongqing Ant Consumer Finance Co Ltd, a subsidiary of Ant Group Co., Ltd., plans to increase its registered capital from 8 billion to 30 billion RMB. China Cinda intends to invest 6 billion RMB to subscribe to a 20% equity stake, reducing its shareholding in Oversea-Chinese Banking Corporation to 4.003% from the previous 15%. In the end, China Cinda will collectively hold 24.003% equity stake in Ant Consumer Finance, second only to Ant Group Co., Ltd.
$CHINA CINDA (01359.HK)$
$CHINA CINDA (01359.HK)$
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