Alibaba’s Ant Group raises registered capital to $5.4 billion

Public business registration records show that China’s Ant Group has raised its registered capital to 35 billion yuan ($5.44 billion) from 23.8 billion yuan in the light of the fintech’s government-mandated restructuring.

Ant, an affiliate of e-commerce leader Alibaba Group Holding Ltd, in a Monday statement said the increase was to support growth and was “according to relevant regulations and business needs.”

Authorities in April ordered sweeping restructuring at Ant after halting the financial technology (fintech) firm’s record $37 billion initial public offering in November.

The overhaul subjects Ant to tougher regulatory oversight and capital requirements.

Ant said the 47% jump in registered capital comes from “capitalisation of the company’s capital reserve.”

Ant said it had not engaged in any fundraising activity and that no additional investors were involved.